Home Equity Loan
Right for you if:
You want to use the equity of your home to finance the purchase of motorcars, kitchen appliances, and more
Own your own home? Why not make it work for you?
The equity in your home is the difference between its current appraised market value and the outstanding mortgage balance. A Home Equity Loan is a one-time lump sum advance of that difference, which is paid off over a fixed period with the same payments each month.
A Scotia Home Equity Loan will allow you to borrow up to 75% of the appraised value of your home.
With convenient monthly payments at competitive interest rates you can borrow up to 10 million dollars and have up to 10 years to repay.
Loans are easy to apply for with repayment terms customised to fit your budget. Plus monthly payments are charged directly to your deposit account, making it easier to manage.
What do you need to apply?
A copy of the title to your home
Tax Registration Number (TRN)
Employed: job letter and last two pay slips
Documentary evidence to support the loan purpose
Valid ID: passport or drivers license
Verification of income
Self-employed: bank and financial statements for the past 12 months
Getting a home equity loan might be a very effective way to get some things done that you can't afford from your cash resources.
Fees and Terms
Jamaican $ base rate
borrow up to
75% of the appraised value of your home
borrow up to
$10 million dollars
See our current rates and fees for Scotiabank borrowing products.
You might also need...
Your home is one the biggest purchases—and greatest assets—you possess. It's more than just a place to live and raise your family, it's a source of equity you can use to finance home renovations, other major purchases and even paying for your children's education. Scotiabank can help you unlock the value of your home.
We also offer:
ScotiaWheels loan: Now is the time to buy that new motor vehicle.
Scotia Plan loans: Tailored to suit your needs.