Growth & Jobs | Homeownership key to building wealth for Jamaicans

Petal James, chief of branches at JN Bank, says homeownership is key to wealth accumulation for many Jamaican families.

James noted that homeownership not only drives the prosperity of families, but also the health of communities and, nationally, other major markets for credit, labour, and finance.

She was speaking against the background of the launch of JN Bank’s ‘Own Sweet Home’ mortgage campaign, which provides improved mortgage financing options for Jamaicans.

“Homeownership has several benefits, not only for the individuals and their family, but also for the country and its economy on the whole,” she said.

In addition, James pointed out that research shows that homeownership increases housing security for families. It also gives owners more control over their physical surroundings, lowers real monthly payments over time, protects against unanticipated changes in rental costs, and helps people to build wealth.

She noted that it also stimulates the economy, as it provides a ready mechanism for families to borrow money and get credit to, for instance, improve their home, make purchases, or invest in education or the financial markets.

“At JN Bank, we are therefore keen on the security and development of our families by providing the best financing to assist Jamaicans to own a home, so that they can create an enriching environment to not only nurture their children, but to also build wealth for generations to come.”

Under its enhanced suite of mortgage financing options, JN Bank is offering 100 per cent financing and a mortgage rate as low as 6.5 per cent.

The offer targets new or existing owners, who are interested in purchasing or constructing residential property for owner occupancy; or individuals purchasing vacant residential lots. It is also available to persons seeking equity financing.

James said the goal is to ensure that more Jamaicans, young or old, have access to affordable mortgage financing.

“The JN brand is built on a philosophy to generate confidence among Jamaicans, and we continue to improve on that promise through the products and services we provide at JN Bank. We are creating opportunities for empowerment, by assisting more families to realise their dream of owning a home,” James affirmed.

She further noted that homeownership is necessary for the growth of any country and it is anticipated that by providing more affordable mortgage options for Jamaicans, JN Bank is helping to empower families, in addition to stimulating growth and security for communities.