THE JAMAICA National Building Society (JNBS) has established a special low-interest rate homeowner recovery loan plan for its mortgagors who need assistance to carry out repairs related to Ivan.

This was one of several hurricane recovery initiatives announced by Earl Jarrett, the JNBS general manager. Others include a 'Recovery Fund', a small business repayment moratorium and a cut in their transaction fees.

"Interest rates are 12.5 per cent for existing JNBS mortgagors and qualified savers," the general manager said of the new homeowner recovery loan plan. He said: "The rate will be 13 per cent for none-JN mortgagors who are customers of a JN subsidiary and 13.5 per cent for other applicants."

NO PROCESSING FEE

Existing mortgagors could have their claims disbursed within seven days and new applicants within 14 days, he said. There is no processing fee applicable and the offer expires on November 14.

Along with its subsidiary N.E.M. Insurance Company, JNBS has set up claim centres to facilitate easier processing. "A team from JNBS will start visiting affected customers on Tuesday, September 14 to assess damage and begin the recovery process," Mr. Jarrett said. Jamaicans and friends of Jamaica can send contributions to help rebuild the country via JNBS outlets overseas free of cost. The account number is 10272794.

"JNBS is also assisting persons who are sending funds to their relatives or friends during this difficult time, by reducing the transaction fee for one month effective September 13, 2004," Mr. Jarrett said. Fees would be reduced for sums of US$1 to US$300, which are sent during this period. "For example, remittances within the band mentioned, sent during the 30-day period from the United States, will be reduced from US$10 to US$7. The same applies for Canada and the United Kingdom," he explained, adding that funds raised would be handed over on a date to be announced.

JN Small Business Loans Limited, another subsidiary, has granted a one-week moratorium on payments due during the week of September 13, and will also provide loans to their customers to assist in the recovery process.

Back to Business

Go-Jamaica | Jamaica Star | Go-Local Jamaica | Sports Jamaica | Letters to the Editor