Product Overview
Loans offered for financing the purchase of residential properties, whether as a first or subsequent place of residence. These facilities utilise the registration of a mortgage on the property as the primary form of collateral for the loan.
Product Details
Target Groups
- Age range: 25 – 55 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 accumulated a deposit toward homeownership and are in the market for a home
- Income level: None defined
Features
- Up to 95% financing on the market value of the property
- 8.5% 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
- Attractive mortgage option for individuals purchase a home
- No restriction for multiple homeowners
- Excellent option for person purchasing a home as primary residence or investment property
- Extended loan payment options to enable greater affordability
- VMBS/NHT Joint Financing facilitation – one application for greater convenience
- Fast turnaround on loan approvals
- In house registration makes the process faster and less expensive
