Mortgage

So You Want to Secure a Mortgage? 

One of the Society’s main goals is to assist its members to own their own homes. And, in that regard, Jamaica National always strives to enhance its mortgage product with special interest rates, reasonable down payments, lower fees and charges, in an effort to remain competitive.

As a result, the Jamaica National Building Society (JNBS) remains the premier mortgage facilitator in Jamaica and the Caribbean. Its current mortgage loan portfolio surpassed the $billion mark, recently; and the Society’s client base includes some thousands of mortgagors.

Since the start of this fiscal year, the Society has refined its Underwriting and Processing systems; introduced Title Insurance, and upgraded its “backend processes” to make the business of securing a mortgage for a home or commercial property a more positive and efficient experience for its members and clients.

The Society offers a wide range of mortgage options on the market to include:

• JN Commercial Mortgage
• JN 5% Mortgage
• JN Home Enhancement Loan Plan
• JN Home Equity loan
• JN Home Loans
• JN Mortgage Plan for Her
• JN Reverse Mortgage

The basic requirements to qualify for a mortgage with Jamaica National are as follows:

• You must be at least 18 years of age
• There must be a registered Certificate of Title for the property being purchased or being offered as security. In the absence of a Certificate of Title, applicants may apply for a Title Insurance policy to facilitate the transaction.
• You must be able to demonstrate your ability to service the mortgage payments. As a rule, monthly payments must not exceed 33.33% of the joint/single gross monthly income of the applicant(s).
  And you don’t have to be a member of Jamaica National!

Joint NHT Financing Mortgage Programme

Applicants may acquire a loan from both Jamaica National and the National Housing Trust (NHT). Together, Jamaica National and the NHT will lend you up to 85% of the purchase price or valuation of the property, whichever is lower.

JNBS will work in concert with the NHT Loans Origination Department on your behalf. Our Mortgage Officers will guide you from the initial stages to disbursement. 
 
Title Insurance

Since April 2008, Jamaica has joined the developed countries to provide Title Insurance for owners of home and commercial properties. Title insurance is issued by an insurance company, and guarantees that the title to a parcel of real property is clear of any defects. Borrowers and Lenders policies are available.

NEM Insurance Company Limited brought the new insurance product to the local market. Please click here to read more about Title Insurance.