Sagicor Bank Jamaica (SBJ) has reduced its interest rate on mortgages and is offering a special line of credit for home improvement, as the institution seeks to help more Jamaicans to access affordable housing.

As part of the bank’s latest ‘Score Big’ promotion, Sagicor Bank said its clients will benefit from interest rates as low as 6.75 per cent on mortgages, and an unsecured line of credit of up to $2 million.

Clinton Hunter, Sagicor Bank assistant vice-president, retail banking, encouraged renters and other prospective homeowners to take advantage of the offer, as rental costs are increasing constantly.

“As we can see in the market, rental prices are going up, so now is the best time to channel your funds into owning your own property,” he advised. “This means when you retire and are no longer earning, you can rest assured that you have a mortgage-free property that belongs to you.”

The $2-million line of credit, he said, would come in very handy for new homeowners, who usually need immediate funds to add the finishing touches to their homes.

“The unsecured line can be used for just about anything – it can be to purchase new furniture, to install solar panels, landscaping, anything that you need to do to make a house into your home.”

In addition to the stability and the freedom that comes from living in their own homes, Sagicor Bank said borrowers will have up to age 70 to repay the facility, to a maximum term of 35 years.

Hunter added that Sagicor Bank is not just making homeownership a reality for its clients, but that the institution is relentless in ensuring that the process is a quick and hassle-free one.

“We can get you home in 45 days or less,” he reassured.

“We know that a fast turn-around time and low processing fees are very important to home seekers, and we are committed to ensuring that you get home as early and as comfortably as possible.”

Sagicor Bank offers up to 100 per cent financing for mortgages, and joint financing with the National Housing Trust (NHT).