JNBS Extends 9.4 per cent Mortgage Special – Wanica Purkiss
Jamaica National Building Society (JNBS) has extended its 9.4 percent special residential mortgage offer beyond the April 30 deadline, said Wanica Purkiss, Executive, Mortgage Operations and Representatives Offices.
Mrs. Purkiss said the extension was in response to an “overwhelming demand” from the public to take up the offer. The special offer had been introduced at the start of March and was to run for 60 days.
“It is an indefinite offer right now,” Mrs. Purkiss said of the 9.4 percent mortgage. “We have removed the April 30 timeline.”
The JNBS Executive said several mortgage prospects had made contact with the Society to get and obtain information on the special offer and that many of its existing borrowers have renewed their business with the organisation.
She noted that as Jamaica emerges from the global recession, where investors experienced a decline in their interest savings income, the real estate market is offering lucrative investment opportunities.
“This opportunity is bolstered by a low mortgage interest rate environment where the major players are offering single digit interest rates,” she said. “Therefore, investment in properties is lucrative and a viable source of acquiring and creating wealth.”
Meanwhile, Jean Look Tong, Executive JN Group Marketing, Sales & Promotions, said JNBS had strengthened its presence in the market. She pointed out that the Society has embarked on a series of one-on-one forums with key stakeholders in and outside of the real estate and construction industries to inform them of opportunities that exist with Jamaica National.
She said the Society was also targeting the overseas markets and that its Florida Representative Office presented Jamaicans residing in Florida, with real estate investment opportunities in the island, at a JN Real Estate Fair, held at Inverrary Country Club in Lauderhill, Florida, on Sunday, April 22, 2012.
“Jamaican Developers and Realtors were present at the Real Estate Fair to showcase their properties for sale and JNBS Representative Office assisted prospective investors to secure a mortgage with the Society,” she explained.
She said JNBS used the event to highlight the value of the 9.4 per cent rate mortgage. Under this special mortgage terms, JNBS offers applicants with 90 per cent financing based on the lower of the purchase price or value of a residential property with a dwelling.
The Society also provides borrowers with a $50,000 contribution towards the closing cost and a year of free membership in the Jamaica Automobile Association (JAA), a member of the JN Group.