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Want To Buy Real Estate for Living, Business or Investment in Jamaica? March 21, 2017

Posted by utechalumni in Alumni News, Business Development, Personal Development, Professional Development.
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WELCOME HOME!!!

Posted: March 21, 2017

Dear UTech, Jamaica Alumni:

In keeping with our commitment to provide ongoing support to you in your Personal, Professional and Business Development beyond graduation, we continue to share with you relevant news and information that we believe will help you to achieve your goals.

As you may know, Real Estate is a major investment for individuals, families and businesses. Some of us need it for the peace of mind of having a place of our own to live in or to operate our businesses. Others need it for wealth creation through long-term or short-term rental to residents of Jamaica, visitors, expatriates on work visas and businessess. In case you are interested in this significant area of life, we share some valuable information below for your further research and verification towards real estate ownership for residential, business or investment purposes.

For our Alumni based overseas and experiencing greater uncertainty the world over, perhaps it is time to re-consider real estate in Jamaica as a viable residential or investment option, as you stay alert and adjust to the realities of an increasingly uncertain and chaotic world.

Here are some things to check out and verify

  • NHT will lend money to eligible persons for closing costs. This is calculated against the unclaimed portion of your contribution over time (Consider not claiming your portion annually, if you think you’ll buy a home not long from now). This is separate from the $4.5 M mortgage they offer to qualified contributors. *NHT will go higher than $4.5M if you are purchasing a new home.
  • You may arrange with someone to give you their NHT portion if they will never use it. Perhaps a relative overseas who has no further interest in it.
  • If you haven’t been contributing consistently to NHT, you may find out your outstanding balance and pay it up to become eligible for benefits.
  • You may partner up with another NHT beneficiary and be a joint owner in a property.
  • The Building Societies e.g. VMBS, JNBS now known as JN Bank,  and Scotia Jamaica Building Society currently (as at March 2017) have the following Mortgage options
    • 95% – 97% financing of mortgages
    • 25 – 30 years duration of mortgage. Some will limit you to the remaining time between the age you are currently and the age of retirement.
    • 7.99% – 8.5 % interest rate (which you may factor in with the NHT portion of your mortgate at the NHT rate for an overall reduced rate)
    • Some of these Building Societies will do everything for you as a one-stop-shop. So for example, you don’t need to visit NHT separately or find your own lawyer. They will act as your agent and sole point of contact + network you with Real Estate agents and valuators etc.

***Please note that interest rates do not remain fixed. The same is true for the % of financing of mortgages. Be sure to check with these financial institutions to learn their current rate of interest and % of the mortgage they will finance, based on when you review this post.


WEBSITES & CONTACTS FOR FURTHER INFORMATION
Below we have shared a quick and very short list of financial institutions and a few of their representatives. However please note, this is not an exhaustive list of financial institutions or representatives from which you may receive financing for mortgages and relevant information. There are also banks and credit unions for you to check out. We greatly encourage you to explore and compare as many options as you can, so you make the right decision for you and your family.

National Housing Trust
http://www.nht.gov.jm/

New NHT Benefits Announced (Budget Debate March 2017)

Victoria Mutual Building Society
http://www.vmbs.com/

You may contact: Shelliann Afflick, Manager, UTech, Jamaica Branch  / 876-579-5237/ shelliann.afflick@vmbs.com

Scotia Jamaica Building Society
Scotia Jamaica Building Society

You may contact: Winston Gayle, Home Financing Specialist and UTech Ja Final Year SOBA Student and Alumnus to be >>>Class of 2017  / 876-382-6974 / winston.gayle@scotiabank.com

JN Bank
http://www.jnbank.com/
You may contact: Paul Lettman, Retail Specialist / plettman@jnbs.com / 876-869-6385

National Commercial Bank
https://www.jncb.com/

You may contact: Sandra Lyn, Mortgage Specialist / lynse@jncb.com / 876-276-7831

 

UTech, Jamaica Alumni in Real Estate:
If you wish to network with UTech, Jamaica Alumni Professionals in Real Estate, do share an email with us via cmessam@utech.edu.jm and we will be happy to do a search for you and share contact information. LinkedIn is also a good source to find Realtors who also graduated from UTech, Jamaica.

ARTICLES ON BUYING REAL ESTATE IN JAMAICA
As you read these articles remember to check the date to ensure that the information is current.

Real Estate Board, Jamaica

http://www.globalpropertyguide.com/Caribbean/Jamaica/Buying-Guide

http://www.globalpropertyguide.com/Caribbean/Jamaica

http://www.jamaica-real-estate.net/before_buying_jamaica_real_estate.asp


Thank You for staying connected with UTech, Jamaica. We appreciate all our graduates; and we stand ready to support all our graduates in achieving their personal, professional and business development goals. We sincerely hope that this information on real estate financing will help. Leave a comment in the ‘add a comment’ section of this blog post and let us know your thoughts about this post.


NOTE: The University of Technology, Jamaica (UTech, Ja) shares career and other opportunities on this blog, sourced from non-UTech, Ja entities and organizations, based locally and overseas. This is done as an information service to its alumni community and other users. UTech, Ja is not liable for any loss or damage, personal or otherwise from the use of said information.  UTech, Ja does not guarantee that your participation in any of the activities referenced will be a good and safe decision for you.  It is understood that users of the blog will do their own research and proper due diligence, to determine what is a profitable and safe opportunity, before committing to any action.

Alumni Relations Office
University of Technology, Jamaica
876-970-5468

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Comments»

1. Anonymous - April 3, 2017

Hi Ms. Messam,

Thank you for sharing this information with me. It is indeed helpful and it is a goal that I am consistently working on day after day.

Cheers!

2. RHOAN G SCARLETT - March 27, 2017

Saw this feed on LinkedIn and must say it is very informative and relevant for people to comprehend and execute.

utechalumni - March 27, 2017

Thanks Rhoan. We are trying to share relevant content with our UTech, Jamaica Alumni Community. Your feedback in well appreciated. ~Alumni Relations Office

3. Anonymous - March 21, 2017

This is very interesting information. Highly appreciated,

utechalumni - March 21, 2017

UTech, Ja is happy we could share relevant content with you! Thanks for your positive feedback! ~Alumni Relations Office

4. Madge Betty - March 21, 2017

Thank you for sharing this information. Very informative. I am actively looking a 3 BR House in Kingston to buy.

utechalumni - March 21, 2017

Hi Madge, email me at cmessam@utech.edu.jm and I can connect you with a Real Estate Professional who is also an Alumn.

5. Chris - March 21, 2017

Thank you for this resource. Very helpful and this is something I will be pursing in the near future.


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