Housing Finance Policy

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    A. Legal and Regulatory Framework

    A.1 Legal and Regulatory Framework
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Common lawCommon lawCommon lawA.1.1
    Are there specific laws that deal with mortgages? YesYesYesA.1.2
    Registration/Transfer of titles:A.1.3
    Does the law clearly define different types of property rights?YesYesYesA.1.3.1
    Typical number of days needed for the transfer of title181817
    WDI
    		A.1.3.4
    Are there consumer rights for mortgage lending? YesYesYesA.1.7
    Is there specialized legislation covering:A.1.9
    B. Housing Finance Subsidies
    B.1 Subsidies to Housing Finance Institutions
    B.2 Subsidies to Households
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are there subsidies to households on housing finance?YesYesYesB.2.1
    Interest rate subsidies by special government fundsYesYesYesB.2.1.1
    Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
    C. Taxation
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What taxes apply to Residential Real Estate?C.1
    Tax on property (home-owners) Yes  C.1.1
    Property transaction taxes (purchase/selling)Yes  C.1.2
    Tax on capital gains on property Yes  C.1.5
    OtherYes  C.1.6
    Are there tax benefits on rental properties?Yes  C.2
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    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: 2010 = 100
    Notes: Capital gains earned from the sale of property is considered to be business income and is subject to income tax.
    Notes: Creditinfo Jamaica started operations on July 1, 2013.
    Notes: Creditinfo Jamaica started operations on July 1, 2013.
    Notes: Creditinfo Jamaica started operations on July 1, 2013.
    Notes: Expenses such as property taxes, repairs, maintenance, property depreciation, etc are deductible from the taxable income.
    Notes: Government - The National Housing trust provided 82% of mortgage loans in 2010.
    Notes: Interest rate subsidies provided by the NHT for disabled, elderly, public sector employees, and those with low income. The interest rates range from 0-6% dependent on income at the time of application as well as the category that the individual falls under; disabled, elderly, public sector employee, or other contributor. All individuals with an income of less than JMD12,000 qualify for a mortgage loan with a 0% interest rate.
    Notes: Interest rate subsidies provided by the NHT for disabled, elderly, public sector employees, and those with low income. The interest rates range from 0-6% dependent on income at the time of application as well as the category that the individual falls under; disabled, elderly, public sector employee, or other contributor. All individuals with an income of less than JMD12,000 qualify for a mortgage loan with a 0% interest rate.
    Notes: Interest rate subsidies provided by the NHT for disabled, elderly, public sector employees, and those with low income. The interest rates range from 0-6% dependent on income at the time of application as well as the category that the individual falls under; disabled, elderly, public sector employee, or other contributor. All individuals with an income of less than JMD12,000 qualify for a mortgage loan with a 0% interest rate.
    Notes: Interest rate subsidies provided by the NHT for disabled, elderly, public sector employees, and those with low income. The interest rates range from 0-6% dependent on income at the time of application as well as the category that the individual falls under; disabled, elderly, public sector employee, or other contributor. All individuals with an income of less than JMD12,000 qualify for a mortgage loan with a 0% interest rate.
    Notes: Interest rate subsidies provided by the NHT for disabled, elderly, public sector employees, and those with low income. The interest rates range from 0-6% dependent on income at the time of application as well as the category that the individual falls under; disabled, elderly, public sector employee, or other contributor. All individuals with an income of less than JMD12,000 qualify for a mortgage loan with a 0% interest rate.
    Notes: National Percentage
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Net Domestic Credit
    Notes: Property taxes are levied on the property's market value. The rate varies according to the value. For a property valued up to JMD300,000, there is a a flat rate of JMD1,000. For a property valued above JMD300,000, the rate is 0.75%. There are also potential parchial property taxes depending on the jurisdiction of parchial or local governments. The rates vary, depending on the rulings of the local governments.
    Notes: Rental income is subject to a 25% withholding tax.
    Notes: Stamp duty tax is levied at a rate of 4% on transfers of real property.
    Notes: The National Housing Trust is a provident fund in which workers contribute and in return receive subsidized mortgages.
    Notes: The National Housing Trust is a provident fund in which workers contribute and in return receive subsidized mortgages.
    Notes: The National Housing Trust is a provident fund in which workers contribute and in return receive subsidized mortgages.
    Notes: The National Housing Trust is a provident fund in which workers contribute and in return receive subsidized mortgages.
    Notes: The National Housing Trust is a provident fund in which workers contribute and in return receive subsidized mortgages.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: The National Housing Trust was established in 1976 through an amendment to the National Insurance Act.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.
    Notes: While there is a framework for consumer protection, there are still many gaps in the financial industry.