Scotia lowers mortgage rate to 6.99%


Scotia lowers mortgage rate to 6.99%

Wednesday, March 20, 2019

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SCOTIABANK has lowered its mortgage rate to 6.99 per cent effective last Friday, March 15.

The interest rate, which is the lowest among local banks and building societies, falls in line with interest rate of 6 per cent now offered at the Government-run National Housing Trust.

Previously, Scotiabank offered mortgage customers an interest rate of 7.49 per cent. Interest rate within the banking industry now stands between 7.4 per cent and 9 per cent.

“Home ownership is a huge priority and often the number one financial goal for our clients. So we are very pleased to offer this loan rate to our customers as this will help more of them to achieve their goals,” executive vice-president of retail banking for Scotiabank Jamaica Audrey Tugwell Henry said during the company's annual general meeting last Friday.

The bank also anticipates that the new interest rate will offer greater options and opportunities to potential homeowners.

President and CEO of Scotia Group Jamaica David Noel, in expressing optimism about Jamaica's economic outlook, announced that the bank will also cut small business loans to 9.99 per cent.

The small business loans will be funded by a special $3 billion fund. This single-digit rate offers a strong opportunity for companies to expand their operations.

“We are positive about the economy and the future. One of our strategic priorities at Scotiabank is to offer value and be our customers' financial partner for growth and development. We believe these new rates are important to help drive the expansion of credit in the market and we anticipate a very positive response from the public,” Noel said.

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