October 7, 2007

Real Estate Mortgage Loans In Jamaica

Mortgage loan rates are offered in Jamaica by several mortgage companies and commercial banks in Jamaica. We examine these companies one by one over the next several posts:

Jamaica National Building Society works with any other mortgage funding company and the Jamaica National Housing Trust. Together JNBS will lend up to ninety five percent of the sale price of the real estate that the individual wants the loan for. There list of steps that you must go through in order access this property loan. The first is as follows

  • Locate the property and make an offer to the vendor
  • Once the offer is accepted contact your lawyer and make the deposit of 15% the value of the property.
  • Request a Valuation or Appraisers report as well as a Land surveyors ID report from the vendor if he has one conducted within the last six (6) months. If not then you must get one from an approved valuator.
  • Once that is done then you enter any JNBS office with the deposit receipet and the following standard documents.

Sales Agreement (duly completed)
Photocopy of Certificate of Title
Valuation Report showing picture of property (
we require you to have the report done by a valuator).
Income Verification Letter
Last two pay slips
local applicants)
If self-employed, Statement of Income is required from a Chartered Accountant
Proof of age (
Passport, Driver’s Licence or National ID)
Commissioned Land Surveyor's Report
Up-to-date property Tax Certificate
Closing Cost of approximately 6% of the loan amount to be lodged to a JN savings account.
Approved Plan (i
f applicable)
Detailed Builder’s estimate (
if applicable)
NHT Referral Letter (
if applicable).

The mortgage rates charged by Jamaica National Building Society are the lowest in the market. These range from 12% for first time home buyers to up to 17% for second mortgage buyers with equity requirements from 5% for the former mortgage type to 25% for second mortgage takers. These are undoubtedly the best rates in the market and easy to access.

Feel free to contact any JNBS branch at the numbers below:

2-4 Constant Spring Rd.
Kingston 10, Jamaica
Tel: (876) 926-1344-9
Fax: (876) 926-7661

1 comment:

James Stallings said...

I am wondering if you also provide personal loans whether the applicant has a bad score? click here.