What is the maximum loan amount, and at what interest rate, can I obtain a mortgage to purchase a house from JN Bank?
You may access up to 95% of the market value of your residence if the value does not exceed $25 million; and up to two thirds, where the value exceeds $25 million at an interest rate of 8.5%- 9.2%.
However, note that the loan amount you can access is dependent on two things:
- Price of property
- Your ability to service the loan
Your interest is charged on your reducing balance, which is an advantage to you.
What is meant by: “The interest rate is charged on the reducing balance?”
It means every payment you make goes towards settling interest and reducing your principal balance. The interest is computed based on the principal balance remaining after each payment is made.
How much financing and at what interest can I obtain a loan to construct a house from JN Bank?
You may access up to 90% of the market value of your residence if the value does not exceed $25 million; and up to two thirds, where the value exceeds $25 million at an interest rate of 8.5%- 9.29%.
How long will it take to process my loan application?
Once you have satisfied all requirements, your loan application should be approved between two and seven working days. Where there is a delay, your Loans Officer will contact you.
After my loan has been approved, how long does it take for me to receive the funds?
Once the conditions for approval have been met, your funds should be disbursed within 45 working days depending on third parties.
Can I make my loan payments online?
At JN we make doing business as convenient as possible. You can make your loan payments from your JN account by using our online banking platform LIVE by JN. If you haven’t registered, you may do so by visiting www.livebyjn.com. There is no charge to make your payments!
Do I have to come into the branch to start the application for my loan?
No you do not. JN makes doing being business easier. You can call us or book an appointment through our website and a mobile loans officer will visit you at your convenience to assist you with the process and to answer your questions. Click here to contact a mobile loans officer.