With mortgage rates on the decline, the local mortgage industry has received a further boost, following Jamaica National Building Society’s (JNBS) recent announcement of a reduction in rates to 8.5 percent for new mortgage applicants residing in Jamaica and across the Diaspora.
“The 8.5% offer spans across five JNBS mortgage product lines with a maximum of $20 million. The rate applies to Home Purchases and Construction loans, both having a 40 year repayment term; as well as Equity loans, Refinance loans, and Home Improvement loans,” Tiffany Gordon, Mortgage Sales Executive of the building Society, announced.
Jamaica National was silent on rates for existing borrowers but a reduction may well occur later in the year with interest rates on treasury bills declining from as far back as 2014 and continuing into 2016 with the last Treasury bill auction in January.
Jamaica National lowers loan rate
February 4, 2016 by
