Product Overview
These loans offered to individuals interested in purchasing property for use as their first place of residence whether locally and overseas. Loans are only available for residential properties to be inhabited by the purchaser.
Product Details
Target Groups
- Age range: 25 – 45 years
- Gender: No restriction to gender, however emphasis is usually placed on females as the stronger influencers in the home purchase process
- Characteristics:
- Individual or couples pursuing the goal of home ownership
- Entrepreneur, self- employed or employed individuals.
- Individuals who have accumulated a deposit toward homeownership
- Persons in the market for a starter home
- Income level: None defined
Features
- Up to 97% financing on the market value of the property
- 8.25% per annum on Jamaican Dollar Mortgages
- 4.25 – 5 % per annum on Foreign Currency Mortgages (USD/CAD/POUNDS)
- Loan terms up to 35 years* (consideration given to extended periods up to age 70)
- Processing fee is applied to these loans
- Discount on Valuations
- May include joint financing with NHT ( Processed by VMBS)
Selling Points
- Greater financing available to make home ownership more affordable for first timers
- Interest lower than regular mortgage rate
- Extended loan payment options to enable greater affordability
- One-stoptop service – mortgage and valuations facilitated throughout VM Group
- Options available in local and foreign currency.
- Low processing fees to assist with loan affordability
- Fast turnaround on loan approvals
- In house registration makes the process faster and less expensive
