Peril Insurance is an insurance against loss resulting from damage to property that is used as security to obtain a mortgage. It covers natural disasters (hurricane, flood, earthquake), fire and, in some cases, vandalism.
Settlement will be disbursed in the form of cheques or direct lodgements to JNBS’ Savings accounts. It should be noted that a Discharge Form must be executed (by all parties or named Agent) before settlement is made. In addition, settlements over $500,000 will be disbursed in tranches.
Claimants should expect to be contracted by an Assessor within three (3) weeks, on submission of ALL claim documents
No you do not have to wait. If your property is extensively damaged, such as a damaged roof, it is best that you make the repairs while your claim is being processed. However, the following should be noted:
- Steps must be taken to protect self and property
- Temporary repairs can be undertaken to protect property and to prevent further loss
- Photographs are to be taken of damage before repairs
- Bills/receipts relating to temporary repairs are to be kept for submission
- Nearest police station to be indicated on form
Where the applicant(s) resides abroad and an Agent or family member oversees the business, the relevant Power of Attorney or notarized letter of authority must be obtained from the outset (i.e., at the time of submission), and not when the claim is being finalized.
Transfer cost, stamp duty, registration fees, application fee for second time home owners, JN Attorney’s fees and all other miscellaneous expenses.
As the purchaser, you will be required to pay to the vendor half the cost of the following fees:
- Stamp duty -
- Registration
- Sales Agreement – the vendor’s lawyer will determine the cost for sales agreement.
- Valuator’s Fee
- Surveyor’s Fee
Your Monthly Mortgage payment includes:
- Peril Insurance
- Estimated Upkeep
- Estimated Life Insurance (this is insurance for the mortgage)
- Total Principal & Interest Repayment
- NHT repayment (if applicable)
The agent will need to know the following:
- Your age
- The purchase price or valuation price of the property
- The deposit sum that the vendor requires
- The loan you require
Persons who are 18 – 70 years with an income can apply for a mortgage.
No. However, the 1st month’s payment is collected one month after disbursement of the
loan.
No
While JN has attorneys who handle the transfer, processing and approval of loans, we strongly recommend that customers seek the advice of an independent Attorney. Applicants residing overseas are especially encouraged to seek the professional advice of an attorney to oversee their affairs locally.
The qualifying salary is determined based on the loan sum. It is the net salary for self-employed and gross salary for payee. The qualifying salary is usually three (3) times the monthly payments.
Yes. In fact, you may make two payments for the year. The minimum for each payment is $50,000 without incurring a penalty.
While it is not imperative, we strongly recommend that you have this in place.
This is the closing cost agreement between you and the vendor. You will be required to pay half of the following costs:
- A percentage of the purchase price
- Registration Fee
- Costs for Sales Agreement
- Stamp Duty
Please consult your Attorney for guidance in the regard.
Yes you can access a Home Enhancement Loan Plan at 14.49% interest rate. You can access any amount not exceeding the value of the property.
We will require the following documents:
- Photocopy of Certificate of Title
- Valuation Report on property (done by a Valuator) from the list provided by JN.
- Income Verification Letter
- Last two pay slips
- If self-employed, Statement of Income Confirmation is required from a Chartered Accountant, Cash Flow Projection, Bank Statement, Business License or Registration Certificate
- Proof of age (Passport, Driver’s License or National ID)
- Commissioned land surveyors Report
- Property Tax Certificate
- Closing Cost of approximately 6% of the loan amount to be lodged to a JN savings account.
- Approved Plan (if applicable)
- Detailed Builder’s estimate (if applicable)
- NHT Referral Letter (if applicable)
Once you have a residential property in Jamaica, you may access a home loan which offers up to 75% of the value at a special rate of 14.49% which is offered on the reducing balance.
The documents required to process this loan are: -
- Photocopy of Certificate of Title that is free.
- Valuation Report on property (done by a Valuator) from the list provided by JN.
- Income Verification Letter
- Last two pay slips
- If self-employed, Statement of Income Confirmation is required from a Chartered Accountant, Cash Flow Projection, Bank Statement, Business License or Registration Certificate
- Proof of age (Passport, Driver’s License or National ID)
- Commissioned land surveyors Report
- Property Tax Certificate
- Closing Cost of approximately 6% of the loan amount to be lodged to a JN savings account.
- Approved Plan (if applicable)
- Detailed Builder’s estimate (if applicable)
- NHT Referral Letter (if applicable)
- Credit Report for overseas applicants
Yes, we do. JNBS has a Home Equity Loan Plan where we will lend you up to 70% of the property value at an interest rate of 17% for a repayment term of 10 years. However the title has to be free.
The documents required to process this loan are: -
- Copy of registered Certificate of Title for residential property
- Proof of your age (copy of Passport or Birth Certificate)
- Proof of income (letter from your employee and the original and most recent pay slips for two (2) months’ salary
- TRN (for local applicants)
- Valuation Report on the security (to be done by a Valuer on JN’s panel)
- Surveyor’s Report on the security (to be done by a commissioned
surveyor - Up-to-date Property Tax Certificate
