Product Overview
The construction loan is offered for building a primary residence on owned land or land being purchased from the proceeds of mortgage. These loans are offered based on the value of the dwelling on completion of the property.
Product Details
Target Groups
- Age range: 25 – 55 years
- Gender: No restriction to gender
- Characteristics:
- Entrepreneur or employed individuals
- Persons who prefer a customised home
- In large part, persons from rural parishes tend to prefer to build homes. In addition, second time home owners are prime candidates for this option.
- Income level: None defined
Features
- Up to 75% financing on the projected market value of the property at completion
- 8.5% per annum on Jamaican Dollar Mortgages
- 4.25 – 5 % per annum on Foreign Currency Mortgages (USD/CAD/POUNDS)
- Loan terms up to 15 years*
- Processing fee is applied to these loans
- Discount on valuations
- May include joint financing with NHT ( Processed by VMBS)
Selling Points
- Facility allows the home owner to customise their dream home
- Financing on the projected value at completion to provide greater support to the borrower
- No restriction for multiple homeowners
- Excellent option for person who own land through inheritance
- Fast turnaround on loan approvals
- In house registration makes the process faster and less expensive
- No re-payment penalties
