Scotiabank last Thursday announced a $500-million fund to provide home mortgages to public sector employees, saying that the gesture is in recognition of the valuable contribution that government workers have made to Jamaica’s development.

“. This is another initiative to demonstrate Scotiabank’s commitment to giving back to the society and a way of sharing our success over the last hundred years,” Scotiabank Jamaica President and CEO William Clarke told guests at a reception for senior government officers held at Mona Visitors’ Lodge to commemorate the 100th anniversary of Scotiabank being bankers to the Government.

“The fund is intended to give public sector employees a better chance at homeownership,” the bank said in a news release. It will be available through Scotia Jamaica Building Society at a fixed interest rate of 11 per cent for five years, with a variable rate thereafter, and for a maximum mortgage period of 30 years.

“Eligible persons,” the bank said, “may qualify to access up to $10 million, and the offer will continue until all funds are utilised.” According to Scotia, persons eligible to access the fund must be university graduates and have been working in the public sector for at least three years.

“This mortgage fund will be available under two categories – first-time homeowners and persons purchasing a second home, each category receiving $250 million,” the bank said.

“First-time homeowners must be under 35 years old, and there is no age requirement for the second-home owners. Successful under-35 applicants may also qualify for a Scotiabank Magna Credit Card with a value of up to $100,000, a Creditor Life Insurance policy and a line of credit from Dehring Bunting & Golding’s Easy Own consumer finance facility.

“Successful second-home applicants could qualify for a Scotiabank Magna Credit Card with a value of up to $200,000, along with a Creditor Life Insurance policy and an Easy Own line of credit.”

The bank said that the fund will not be accessible for refinancing of current mortgages, financing investment property, or home improvement, and must be for the primary residence of the applicant.

Scotiabank first became bankers to the Government in 1906 and functioned somewhat like a central bank, until the establishment of the Bank of Jamaica in 1961.

The bank said it has continued to be the primary banker to the Government and its agencies, and “has maintained a very close relationship with them, co-operating closely on matters relating to fiscal and economic policy”.