Product Overview
Loans offered to provide financial education and guidance and 100% mortgage financing to members who operate, or who are employed to micro businesses and demonstrate the desire, ability and discipline required for home ownership. Overseas members are not eligible. All applicants must be Jamaican nationals permanently residing in Jamaica. Members are required to have an active VMBS account for over 6 months or more.
Product Details
Target Groups
- Gender: No restriction to gender, however emphasis is usually placed on females as the stronger influencers in the home purchase process.
- Income Level: Not defined
- Persons who:
- Individuals who are self-employed or operate a micro business perusing the goal of home ownership
- Members who have not previously accessed a housing benefit
- First time home owner only
- VMBS member and saver for 6 months or more with active accounts.
Features
- Up to100% financing on the market value of the property
- 8.50% per annum
- Only Jamaican Dollar Mortgages
- Loan includes deposit and closing costs
- Maximum Loan up to J$15,000,000 to purchase residential property and up to J$3,000,000 to purchase land
- Loan terms up to 30 years based on age of applicant
- Flexible repayment schedule
- Processing Fee – 0.50% plus GCT, capped at J$58,250
Selling Points
- Greater accessibility to home ownership to specialised group of persons for whom a mortgage was not an option
- Financial security
- Flexibility in repayment
- Personal Freedom
- The potential for additional income – rented property
- Promotes active citizenship for Jamaica
