Home Equity Loan

Product Overview

These are loan facilities offered for any purpose using the equity in an owned property as collateral for the loan. Loans proceeds may be used for personal or investment purposes and repaid over an agreed term and rate of interest.

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 who own a home
    • Entrepreneur or employed individuals
    • Persons completing home renovations, purchasing investment properties, or
    • Persons interested in funding investments towards growing their wealth
  • Income level: None defined
  • Up to 90% 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 15 years*
  • Processing fee is applied to these loans
  • Discount on valuations
  • May include joint financing with NHT ( Processed by VMBS)
Selling Points
  • Great option for financing pressing major commitments
  • Improve and/or Expand your Property
  • Take Care of medical expenses
  • Education
  • Debt Consolidation
  •  Emergencies
  • No restriction for multiple homeowners
  • Excellent option for persons interested in making additional investments in property or otherwise
  • Fast turnaround on loan approvals
  • In-house registration makes the process faster and less expensive
  • No pre-payment penalties

Home Equity Loan

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