FINANCING A HOME IN JAMAICA

Available to Non-Nationals & Non-Residents

TERMS:

• Amortized for up to 20 yrs
• Up to 70% financing [based on the lesser of the purchase price or valuation]
• Flexible Interest Rate Options:-

• Investor's Managed Rate [linked to the US Fed Rate] [Currently 8.25% as 16.04.07]
• Fixed Rates of 2,3,5,10,15 and 20 year programs [Rates on request]

• 3% commitment fee on the loan amount (includes investor's fee)
• Interest only options for up to 5 years
• Minimum loan is USD 250,000 [or currency equivalent]

REQUIREMENTS:

• Completed mortgage application form
• Completed personal/company account opening form
• Employment letter confirming remuneration, position and length of employment
• Detailed Credit Bureau Report
• Tax returns for the last three (3) years
• Confirmation of address
• Banker’s confirmation request form
• Last six(6) months original bank statements, to include evidence of savings and investments
• Evidence of the source of funds that will represent your contribution to the proposal
• Notarized/certified copies of passport and drivers’ license for each applicant by a bank, attorney or notary public
• Copy of signed sale agreement
• Surveyor’s ID Report (no older than 12 months)
• Valuation from a bank approved valuer (no older than 6 months)
• If self-employed, confirmation of Income/Asset worth/Liabilities from a qualified accountant and/or the last three (3) years Audited Financial Statements for the business.

SECURITY REQUIREMENTS:

• First Legal Mortgage over the property
• All perils, including Hurricane cover, homeowner’s insurance for the mortgage value assigned to the Bank.

General Rules apply – we will always discuss needs on an individual basis including method of repaying the mortgage including term and/or repayment method

Investor's Standard Variable Rate is linked to the US Base Rate [‘the FED Rate’]. Early redemptions of variable rate loans will attract no charge. Indicative rate only

Address confirmation can be a notarized copy of a major credit card statement, or a notarized copy of a bank statement.

Bank Reference (FirstCaribbean form provided) should confir m name, date of birth, address, and signature. It should also give an opinion on customer’s banking history, and confirm length of time with the bank (no less than 2 years).

Jamaica

Standards