Product Overview
These are Loans offered to individuals interested in purchasing property for use as their first place of residence and have saved their deposit consistently in a VM iSave for Home Account over a minimum of 12 months.
This account provides special benefits for savers who have remained committed to saving with VMBS toward the goal of home ownership.
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 or employed individuals
- Individuals who have avid savers and committed to accumulating a deposit toward homeownership
- Persons in the market for a home
- Income level: None defined
Features
- Up to 97% financing on the market value of the property
- 8.0% 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 support individuals beginning the journey towards home ownership
- Lower than regular mortgage rate
- Extended loan payment options to enable greater affordability
- One-stop service
- Options available in local and foreign currency
- Fast turnaround on loan approvals
- In-house registration makes the process faster and less expensive
