Product Overview

HOAP is designed to target employees of corporations in Jamaica by assisting them with the payment of amounts related to the closing cost and/or initial deposit for the purchase of a house for owner occupancy or the purchase of residential land. The plan allows for a low monthly loan payment, made possible through an interest rate subsidy. The organization will deposit funds (Pool Deposit Account) with VMBS and earn interest at attractive market rate. Once a loan for the employee has been approved and duly communicated to VMBS, the required funds will be transferred to a savings account (Designated Savings Account) and a disbursement processed. The rate of the loan and Designated Savings Account will reflect the desired concessionary rates.

Product Details

Target Groups

• Age range: 18 and over
• Gender: No restriction to gender
• Characteristics:
  • Registered companies in Jamaica
  • Business Owners
• Income level: None defined

Features

• Up to 95% financing
• Employees have the option of having extra spending money to help furnish their newly purchased residences

Selling Points

• Employees save time that it would take to save especially in our high spiraling housing market
• Eligible employees can stretch their home buying dollars even further when they qualify for a mortgage
• Able to close on a deal quickly
• Employees see proof of the care expressed by their employer