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  • President of the Private Sector Organisation of Jamaica (PSOJ), Keith Duncan, says measures will be put in place by the banking sector to assist mortgagers who may experience difficulty in making their payments due to the novel coronavirus. (COVID-19).
  • He pointed out that the banks and other financial institutions realise their customers will come under significant pressure during this period.
  • “Therefore, there will be several programmes that will be designed… payment deferral programmes, mortgage deferral programmes to defer payments for a period of time to give our clients and customers the room and the space to be able to navigate through the crisis,” Mr. Duncan said.

President of the Private Sector Organisation of Jamaica (PSOJ), Keith Duncan, says measures will be put in place by the banking sector to assist mortgagers who may experience difficulty in making their payments due to the novel coronavirus. (COVID-19).

He pointed out that the banks and other financial institutions realise their customers will come under significant pressure during this period.

“Therefore, there will be several programmes that will be designed… payment deferral programmes, mortgage deferral programmes to defer payments for a period of time to give our clients and customers the room and the space to be able to navigate through the crisis,” Mr. Duncan said.

The PSOJ President was a guest at the Digital Town Hall for workers and small businesses hosted by Prime Minister, the Most Hon. Andrew Holness, on Thursday (March 26).

He noted that small and medium enterprises will benefit from working capital support and waiving of fees and penalties.

“We are going to face a significant crisis and we all need to emerge on the other side as much as possible. So the banks, building societies will [have] to step up to see how they can support their clients by giving them the room in this period,” Mr. Duncan said.

On the Government side, the National Housing Trust (NHT) has put in place special relief for mortgagors who may lose their jobs as a result of COVID-19. These measures are to safeguard persons from losing their homes while improving their disposable income.

Mortgagors who are laid off can apply for a moratorium on all loan payments of three months in the first instance.

Also during this period, the NHT will consider each mortgage on a case-by-case basis, with the option to extend the tenure of the loan, reduce the interest rate, or some combination.

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