JMMB Bank Joins NHT External Financing External Financing Mortgage Programme (EFMP) 

JMMB Bank earlier this month signed an agreement with the National Housing Trust (NHT) making it one of the latest participating private lending agencies to be onboarded to the Trust’s newly launched External Financing Mortgage Programme (EFMP). 

“Home ownership remains a priority for Jamaicans, as evidenced by the increased demand for real estate from Jamaicans living at home and in the diaspora. Additionally, we have seen a 47% uptick in our mortgage portfolio year-over-year (as at August 2023), which is in line with the industry’s growth. We are therefore pleased to reengage with the NHT through this programme, so that we can empower all Jamaicans to achieve their dreams of home ownership by providing customized financial solutions to our clients, backed by exceptional client experience,” outlined Jerome Smalling, JMMB Bank CEO. Adding, “Now our clients earning more than J$30,000 weekly can seamlessly access financing to purchase residential real estate or build their dream homes, while accessing the maximum NHT benefit of J$7.5M at the corresponding interest rate, and any additional financing needed all through JMMB Bank. We take a holistic approach, offering attractive terms and conditions, low processing fees, while also supporting our clients to identify the best insurance option through JMMB Insurance Brokers, to protect their home and begin to build generational wealth.” 

The Bank has also forged a partnership with Appliance Traders Limited (ATL), which allows clients to benefit from discounts on furnishings. 

JMMB Bank offers competitive mortgage rates, starting as low as 8.85% with up to 95% financing, coupled with a maximum of J$1 million in unsecured loans to cover additional home buying expenses, as needed. 

Similar to the previous Joint Mortgage Financing Programme with the NHT, clients applying for a mortgage will need to share the relevant documentation about their financial circumstances to the Bank only. These will include: proof of income (job letter and/ or last three months’ pay slips); financial statements and tax returns for business owners/ entrepreneurs and non-resident applicants, along with personal information such as: national identification; tax registration number (TRN), proof of address, birth certificate and consent for your financial institution to request your credit history.

The Bank’s signing of the agreement with the NHT, supports the government’s thrust towards making home ownership more affordable and accessible for Jamaicans, while adding value to people’s lives. In keeping with this mandate, the Trust has thus far, onboarded all commercial banks and is currently in the process of partnering with credit unions and other private lending institutions.