Jamaica National Building Society has just launched a new loan (called the Storm Loan) for property owners who want to storm-proof their homes. This new loan product falls within the home-improvement loan category, and will be made available to members and non-members once there is proof that the improvement being done will assist in preparations for a hurricane. The loan will be priced at 14.49 per cent for a maximum of 30 years, and will take approximately six weeks to process the loan.
Documentary requirements include proof of ownership of the property, proof of income, identification, and a detailed estimate of work to be done or item to be bought, including the labour cost. The loan also has an insurance component that’s based on the replacement cost of the property, which is included in the monthly payment for peril insurance.
For more information about the ‘Storm’ loan, please contact your nearest Jamaica National branch.
Leave a Reply