Jamaica National Building Society (JNBS) has introduced a new rate of mortgage 9.29 per cent for first-time mortgage applicants in a move the company said is intended to increase its portfolio by at least J$1 billion.
Applicants who take up the offer by December of this year will also get a waiver of the processing fees and a 10 per cent discount on peril insurance for the first year from JN Group subsidiary, JN General Insurance (JNGI), should they chose to insure with that company.
"This is a reduction from (the) previous low of 9.40 per cent," said JNBS mortgage sales executive Tiffany Gordon, in a company release.
The new rate, which took effect on October 1, comes with 90 per cent financing for the purchase or construction of residences has been described as "now the lowest on the market".
"The rate also applies to the purchase of lots with infrastructure, although the maximum financing terms differ," Gordon said.
JNBS members in the United Kingdom can access sterling-denominated loans at a reduced rate of six per cent, down from the previous eight per cent.
The building society has also reduced its US dollar rates from 8.25 per cent to 5.25 per cent, and its Canadian dollar rates from eight per cent to five per cent.
The overseas rates now come with 70 per cent financing and a loan life of 15 years.
Equity rates which previously spanned 10.5 per cent to 12.5 per cent can also now be accessed at 10.5 per cent for any purpose, Gordon indicated.
JN's mortgage portfolio increased by 58 per cent last year when it wrote 1,138 loans valued at J$7.3 billion.