Changes coming for mortgage insurance act
Amendments to the Mortgage Insurance Act are to be brought to Parliament, as the Government moves to make home ownership more accessible to Jamaicans.
The amendment would see an increase in the coverage of mortgage insurance up to 97 per cent from the current 90.
Guy announced in Parliament yesterday afternoon that Cabinet has given its approval and drafting instructions issued to the Chief Parliamentary Counsel.
He says the proposed changes would mean that purchasers would now be required to deposit 10 per cent, five less than the usual amount required for deposits in their sale agreements.
He says the reduction also includes the cost for transfer tax and stamp duty which is usually paid upfront.
The amendments are expected to boost the Jamaica Mortgage Bank’s efforts to increase the usage of the Mortgage Insurance Fund.
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