Mortgage for Her
The JN Women’s Mortgage Plan is the first of its kind to be offered in Jamaica. You can access up to 85% financing to purchase or construct residential properties. There are no processing fees and you can apply for the Joint Financing Mortgage Loan Plan which will allow you to use your NHT benefits. All applicants must be female although a male can act as Guarantor (s).
The variable interest rate on this loan is 14.49%.
There are three payment plans that are available.
- Regular Annuity
- Graduated Payment Plan
- Flexible Term Plan (5 year, 10 year, 15 year term with option to refinance by extending or reducing the term)
The first plan is the Regular Annuity Plan which is the most common type of payment which is calculated based on the loan amount, interest rate and term of the loan. You can obtain 85% financing under this arrangement. Please note that the vendor would state his or her deposit which you should have in hand. We will then give you back the deposit sum as cash back 3 months later when the loan is being disbursed.
The second plan is the Graduated plan which will allow you to pay a percentage of the monthly payment (not less than 70% of the monthly payment), over the period of the graduation. The payments will increase by 10% per annum.
If you are interested in this plan, you could get a maximum of 85% financing. Financing is given on the purchase price or valuation (whichever is less). If you intend to apply for your NHT benefit, both NHT and JN Loan should not exceed this percentage.
The third plan is the Flexible Plan. This means that you can decide the repayment term that you find most suitable. You have the option to later refinance by reducing or extending the term.
Payment terms are adjustable and is determined based on the ability to repay the mortgage.
- Up to $200,000 free on contents insurance if the mortgagor insures the contents for a minimum of $1Million and has peril insurance with NEM Insurance Co. Ltd.
- Free Health Insurance with JN Health for one year
- Free JAA membership for one year. Benefits include roadside assistance
- Free Financial Advice from JNFM through its Annual Women’s seminar
- Multiple Payment options
(a) Graduated plan
(b) Plan which offers higher payments at the start of the mortgage and lower payments later
(c) Regular annuity.
- Two Payment holidays (put off your monthly payment for a particular period)
- once at the start of the loan and the other at a time to be determined e.g. during pregnancy
- Discount coupons for spas and home décor items
- Discount on home security system
Free Mammogram from Jamaica Cancer Society
- All completed JN mortgage application forms.
- Sales Agreement (duly completed)
- Photocopy of Certificate of Title
- Valuation Report which we require you to have done by a member of our panel. The report should show a picture of the property. A list of our members is available on our website.
- Surveyor’s Report done by a Commissioned Land Surveyor
- Up-To-Date Property Tax Certificate
- Notarised letter requesting the opening of a non-resident account for the purpose of the mortgage if you do not already have an account with Jamaica National.
- International Postal Money Order for US$21 to be used to open the account. If you are interested in the pre-approval facility, then you will also be required to lodge the equivalent of JA$8,625 to the account.
These documents are required for each person applying for the loan:
- Original Bank Statements showing your monthly deposits
- Income Verification Letter signed by employer
- Original pay slips for the last two months’ salary.
- For self-employed applicants –
- Last 3 years audited Financial Statements from a Chartered Accountant
- Cash Flow Projection for 2 years
- Bank Statement for the business
- Tax compliance Certificate
- Business License or Registration Certificate.
Last 3 years un-audited Financial Statements from a Chartered Accountant
- Cash Flow Projection for 2 years
- Bank Statement for the business
- Tax compliance Certificate
- Business License or Registration Certificate.
If you are employed at your own company, you will be required to submit:
- last pay slips for two months’ salary
- income confirmation stating nature of the business to be signed by the Chartered Accountant
- Notarised copy of valid identification (Passport, Driver’s Licence or Alien Registration Card). Please note that if a Passport is being used, we require you to photocopy the pages, which indicate the expiry date and personal data.
- Birth Certificate for optional life insurance
- Closing Cost of approximately 6% of the loan amount to be lodged to a JN
savings account and two months mortgage payment to be deposited to the same account to commence your automatic deductions to make monthly payments should your loan be approved.
