Jamaica National Building Society (JNBS) will lend 90% of the purchase price or value (whichever is lower) of a residential property and 75% for the purchase of land at an interest rate of 8.5% and a repayment period of 5 to 40 years.
If you are a contributor to the National Housing Trust (NHT) you may be eligible for a mortgage loan of a specified sum of money from that institution. This loan can be accessed through JNBS and combined with JNBS' portion under the Joint Finance Mortgage Program (JFMP).
It is suggested that one seeks to be preapproved before they start looking for a property as this will alleviate some amount of uncertainty about being qualified for a mortgage. This process entails completing a statement of affairs and a data sheet and submitting them along with the under mentioned after which a preapproval letter will be prepared. This is a powerful tool as it will facilitate in negotiation with real estate brokers and developers.
- Letter of Employment stating the date of employment, job position and annual salary
- Last two (2) months pay-slips
- Confirmation of all outstanding debts with other institutions (principal balance and monthly payment should be included).
- Copy of valid photo identification (Drivers license, National ID with TRN or passport with TRN)
- Completed Statement of Affairs (one per applicant) and Data Sheet which are attached.
- Credit report for all applicants.
Self Employed Applicants
- Certificate of Incorporation/Articles and memorandum of Association
- Audited financial statements for the last two (2) years prepared by a chartered accountant in good standing with the ICAJ or CPA.
- Failing the submission of an Audited Financial Statement a letter can be done by the auditor verifying salary. This should also be submitted along with copies of the negotiated cheques or if salary is deposited to an account a bank statement is required showing at least three months (3) deposits.
- Business name Registration Certificate
- Unaudited financial statements for the last two (2) years prepared by a chartered accountant in good standing with the ICAJ or CPA.
- Copies of filed tax returns for the last two years where applicable.
The pre-approval process can be done in person or by email, whichever is more convenient to you.