The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Types of originating lenders/market share:A.1.2
    Other depository institutions (savings and loans/mutual savings and credit institutions)48.97% of total46.98% of total41.23% of totalA.1.2.2
    Others (e.g. insurance co, pension funds, labor tax funds)51.03% of total53.02% of total58.77% of totalA.1.2.5
    Are there (quasi) public mortgage lenders:YesYesYes
    National Housing Trust
    		A.1.4
    Other depository institutions (savings and loans/mutual savings and credit institutions)YesYesYesA.1.4.2
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    Average 1997-2007 A.1.7
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:289.29 USD (millions)298.69 USD (millions)355.39 USD (millions)A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)2.08%2.15%2.5%
    Bank of Jamaica and WEO
    		A.2.1.1
    and as % of all credits outstanding  4.22%A.2.1.2
    Total # of home mortgage loans outstanding at the end of year  17,308 thousandA.2.2
    A.3 Housing Finance Products
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    Typical lender fees associated with mortgage origination: A.3.6
    Typical third party fees associated with mortgage origination:A.3.7
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTV959585
    JN Bank
    		A.3.8.1
    Maximum term over which pmt is calculated? 40 years40 years40 years
    JN Bank
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    A.4 Lending and Servicing Process
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Which institutions define underwriting rules? A.4.2
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    Is mortgage default insurance available?YesYesYesA.5.3
    When did it begin operating?196019601960A.5.3.1
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What are the main funding sources for mortgages?B.1
    Retail funding (deposits/other) primaryprimary
    Research
    		B.1.1
    Wholesale funding: loans from other banks or corporations  Non-applicable
     
    		B.1.2
    Funding through mortgage bonds   Non-applicable
     
    		B.1.3
    Funding through securitization of mortgages  Non-applicable
     
    		B.1.4
    Other   primary
    BOJ
    		B.1.5
    C. Housing Microfinance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Level of NPLs (>90 days past due) in HMFC.4
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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.