JN Bank is now the latest on a list of growing mortgage institutions to partner with the National Housing Trust (NHT) under the External Financing Mortgage Programme (EFMP).

The NHT announced the pilot of its new mortgage financing model in April, to replace the current Joint Finance Mortgage Programme (JFMP), on a phased basis.

The EFMP will allow NHT contributors to conveniently mix their benefits with mortgage funds from JN Bank to come up with the funds to purchase property.

“As the foremost mortgage lending institution in Jamaica’s private market, we are happy for the opportunity to continue this relationship with the trust that will afford Jamaicans greater flexibility to access funds in their effort to achieve homeownership and raise their families confidently,” said Leesa Kow, JN Bank managing director, in media release on Thursday.

So far, the National Commercial Bank Jamaica (NCB), Scotiabank Jamaica, and COK Sodality Co-operative Credit Union have signed on the programme.

As with the previous programme, JN Bank will process the applications on behalf of applicants, and manage disbursement of the funds to successful applicants and loan payments on behalf of the NHT, according to the release, “contributors will receive funds at interest rates and terms they would receive if they had borrowed directly from the NHT, alongside funds from JN Bank.”

Loan rates at the NHT goes up to 5 per cent, COK’s mortgage rates are as low as 7.99 per cent with the programme, while commercial banks, NCB goes as low as 9.15 per cent and Scotiabank as low as 8.49 per cent.

The release further stated that the bank remains committed to helping people own property and Kow noted that the new agreement will provide a convenient and affordable means for Jamaicans to finance real estate for residential purchases.

Delroy Scarlett, chief of retail sales, JN Bank, said the EFMP also provides an opportunity for contributors to access other products and services to finance the homeownership process.

“As a member of a much larger conglomerate, there are several other financial services and non-financial services that our members can leverage to support their needs during the acquisition process and after the mortgage process. These include personal loans, lines of credit, credit cards, property services, as well as insurance facilities,” he outlined.