MORTGAGE REQUIREMENTS - SCOTIABANK JAMAICA LTD

- Tuesday 18, February 2020 -

 

The following is the Mortgage Checklist when applying for a loan from ScotiaBank Jamaica Limited.

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DOCUMENTS REQUIRED FOR APPROVAL.

  • For Salaried applicants: A job letter and the last three (3) months pay slips (if monthly paid) and at least six (6) pay slips if fortnightly paid.
  • For self-employeed applicants: The last two to three ( 2 to 3) years Income tax returns, Financial Statements by a chartered accounted which is supported by the last 12 months bank statements.
  • Proof of source of funds to complete the transaction.
  • Required Down payment - Local residents pay 10% of the purchase price, while Overseas residents pay 25% of the purchase price.
  • Identification. Government issued identification is required, (Driver's licence, national id) and proof of age (birth certificate, valid passport).
  • Tax Registration Number (TRN) and also if overseas Residence - Social Security Number.
  • Copy of Signed Sales Agreement.
  • NHT referral and commitment letter (where applicable)
  • Recent Credit Report or for Overseas Residents - an Equifax report.
  • Proof of home ownership (where applicable)
  • Proof of assets (if any)
  • Rent receipts (where applicable).

DOCUMENTS REQUIRED UPON ACCEPTANCE OF OFFER

  • Valuation Report, which is not more than twelve (12) months old from the Bank's panel of valuators.
  • Original Surveyor's Indentification Report, also not more than twelve (12) months old.
  • Photocopy of Certificate of Title
  • Current property tax certificate
  • Peril Insurance for full replacement cost of the building.
  • Opening of 2 savings accounts.