More opportunities for home ownership through JN Bank

ACKNOWLEDGING THE difficulty some people face with financing expenses related to real estate purchases, JN Bank has positioned its mortgage and personal unsecured loans to assist Jamaicans with achieving homeownership.

JN Bank’s mortgage offer provides existing JN members with the opportunity to access up to 100 per cent mortgage financing and new members with up to 95 per cent financing. Qualified persons also have the option to access an additional unsecured loan of up to $5 million to finance mortgage-related expenses such as the deposit on the property, legal fees, and closing costs.

The largest mortgagee in the private market, JN Bank also guarantees disbursement of mortgage funds in 30 days as long as it receives the required documents from applicants.

“We understand that one of the main challenges that people face when trying to acquire a home is coming up with upfront costs associated with the purchase, such as the deposit, legal fees, closing costs and so on, which, very often, they are not aware of,” Petal James, JN Group’s Sales Executive, explained. “Therefore, we have strengthened our mortgage offer to give our members more, such as up to 100 per cent financing and a personal unsecured loan of up to $5 million, to assist them with offsetting these charges.”

“We have strengthened the capacity of the team so that the processing can take place in 30 days or less, and we have been meeting those standards as long as we are in receipt of all the required customer and legal documents,” James stressed.

Pre-approvals, which is a letter at no charge

confirming that the potential mortgagor can afford a mortgage of a certain amount, are also provided within 24 hours.

She noted that in addition to the 30-day financing and unsecured loan, accessing a mortgage from JN Bank also provides mortgagors with additional benefits from the JN Group. For example, peril insurance from JN General Insurance (JNGI) is rolled into the mortgage, and JN members can get up to 20 per cent off content and motor vehicle insurance, which are also offered by JNGI, and a pre-approved JN Bank VISA credit card; free membership of the Jamaica Automobile Association; as well as $5,000 towards a JN Fund Managers Mutual Fund investment account; $5,000 off a JN Life Critical Illness Plan, and more.

“JN Bank is committed to providing homeowners with a seamless and hassle-free mortgage process as well as affordable rates and value-added benefits. As a result, we have implemented fixed and variable rate options so that customers can customise their mortgage according to their financial situation and what they can afford,” James explained.

The bank recently hosted a first-of-its-kind mortgage open house to create greater awareness of the mortgage solutions available at JN Bank. Hundreds of patrons attended the event, which featured a host of well-known and established realtors and developers, who displayed information on various upcoming properties across the country and real estate services. JN Bank’s customer-relationship officers were also on hand to pre-approve persons and provide information on financing.

Future open-house events are slated for other regions of the country before the end of the year.