Residential Mortgage

Product Overview

Loans offered for financing the purchase of residential properties, whether as a first or subsequent place of residence. These facilities utilise the registration of a mortgage on the property as the primary form of collateral for the loan.

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 pursuing the goal of home ownership
    • Entrepreneur or employed individuals
    • Individuals who have accumulated a deposit toward homeownership and are in the market for a home
  • Income level: None defined
  • Up to 95% 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 35 years* (consideration given to extended periods up to age 70)
  • Processing fee is applied to these loans
  • Discount on valuations
  • May include joint financing with NHT ( Processed by VMBS)
Selling Points
  • Attractive mortgage option for individuals purchase a home
  • No restriction for multiple homeowners
  • Excellent option for person purchasing a home as primary residence or investment property
  • Extended loan payment options to enable greater affordability
  • VMBS/NHT Joint Financing facilitation – one application for greater convenience
  • Fast turnaround on loan approvals
  • In house registration makes the process faster and less expensive

Residential Mortgage

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