Looking to gain advantage in a re-energising mortgage market,
Sagicor Jamaica has cut interest rates by a significant margin. For residential or owner-occupied mortgage loans, the interest rate applicable is now 12.95 per cent, moving from 14.95 per cent. For refinanced and investment property, the interest rate is now 13.95 per cent, moving from 18 per cent. For commercial property the new rate is 15.95 per cent, moving from 22 per cent. For commercial and equity loans, the applicable rate is 15.95 per cent, down from 20 per cent.
The Jamaican insurance group, which operates a property services arm, has launched a marketing campaign around the initiative, noting that cuts affect all loan categories. The company said, however, that there were no wholesale adjustments to existing mortgage accounts.