JN Bank and the Realtors Association of Jamaica (RAJ) have signed an agreement to establish a formal framework that will guide collaboration between the entities as it relates to increasing access to homeownership for Jamaicans.
The pact, which comes on the heels of announcements made by the government during the recently concluded Budget Debate, will also enable the entities to provide additional public education opportunities for persons about the real estate acquisition process.
The deal was signed between the two bodies at JN Bank’s chief offices in Half-Way-Tree on Wednesday, March 27.
Saniah Spencer, chief of marketing at JN Bank said the agreement demonstrates a further commitment by JN Bank to propel more Jamaicans towards homeownership.
"Our goal is to release the potential of our Jamaicans in building their personal wealth through real estate. This deal with the RAJ aims to make the process easier and more affordable for the ordinary Jamaican and to remove the barriers and challenges that they face in the process of home acquisition. We want persons to feel confident in what we do for them and how we can assist them," she said.
Under the partnership, JN Bank will also team up with the RAJ to organise a number of public education initiatives across the island throughout 2019, as part of efforts to provide citizens with more information about a wide range of topics impacting the housing sector.
“We have already started. Just last week we worked with the RAJ to stage the first in a series of property rights’ symposia, which was held at the Golf View Hotel in Manchester on Wednesday, March 26.
The ‘Know Your Property Rights’ Symposium will next be held on Tuesday, April 23 in St Ann.
The event, which targeted persons along the south coast, saw presentations from representatives of the National Land Agency, Rent Assessment Board and the Land Surveyor’s Association of Jamaica.
“We want to provide Jamaicans with pertinent information about the land titling process, their rights as property owners and to discuss how legislation such as the Rent Restriction Act will impact their lives,” said Spencer.
She noted that one of the major topics that emanated from last week’s symposium was the fact that unregistered land continues to be an issue affecting thousands of Jamaicans and how this has been impacting their access to financing and opportunities to build wealth.
“Through these seminars we want to help landowners to get their unregistered land registered, so that they can tap into the unlocked potential of this very valuable asset. The reality is that this is guaranteed to not only assist many individual persons, but the nation as a whole,” Spencer said.
She further added that JN Bank’s partnership with the RAJ is also expected to “enable us to better serve our members in the public sector”.
Andrew James, President of the RAJ, said the organisation is always pleased to do business with JN Bank.
“This is a great opportunity not only to build our capacity as a professional body, but to also further strengthen the real estate industry in Jamaica and provide even greater service to Jamaicans,” he said.
“This year is poised to be a great year for real estate in Jamaica, especially in light of the government’s recent announcements. We will be working hand in hand with JN Bank to help more Jamaicans build their real estate portfolio in a timely and affordable way,” he added.