Home Ownership Assistance Programme (HOAP)

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
  • 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

Home Ownership Assistance Programme (HOAP)

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