Having delayed the launch of it's mortgage offering while rebranding, RBC Royal Bank Jamaica (formerly RBTT Bank
) has now entered the residential mortgage market, targeting the middle to upper-income segment. RBC Royal Bank will provide financing for up to 80 per cent of the purchase price or appraised value - whichever is lower - to clients or non-clients interested in buying a new home, building a home on land they already own, accessing equity in a home they already own and occupy, or to refinance an existing mortgage on a house they already own and occupy.
Loans will be capped at a maximum of US$2 million - or J$172 million at current exchange rates - and will be offered through the bank's 17 branches across Jamaica. Interest rates will be variable, but will be capped at 10.5 per cent for the first year. As with most other mortgage loans, RBC mortgage loans will be offered for a maximum of 30 years, but the loan term should not exceed the expected retirement age of the borrower.