Properties Jamaica | Jamaica Real Estate Portal

Here are five commonly asked questions about the National Housing Trust (NHT) and their answers (courtesy of the NHT).

1. When I become a mortgagor, do I still have to pay my NHT contributions? Why?
Yes you do. All employed citizens between the ages of 18 and 65 years are bound by the NHT Act to make contributions of 2% (and some categories of persons pay 3%) of their annual salary to the NHT, whether or not he has already received a loan from the Trust.

2. Can I give my NHT benefit to a relative or friend?
You may see this as ‘giving up a benefit’, but technically you are using your entitlement to combine with another contributor to buy the property. It also means you are liable to pay the mortgage which you have borrowed.

To co-apply with another person, a contributor must:
• Be up to date with his contributions
• Be between age18 and 65 years
• Understand that he will be giving up his right to any other NHT loan.

3. How long do I have to be an NHT contributor before I can apply for a loan?
You must make at least 52 weekly contributions and be current for the last 26 weeks immediately before you apply for an NHT loan.

4. I made contributions for four years but I lost my job. When I start a new job, how long do I have to wait before I am eligible for an NHT loan?
Because you would have already contributed for more than a year, when you become employed again, you will only need to make contributions for three consecutive months before becoming eligible for an NHT loan. Remember, your payments must be made on time.

5. I got a loan from the NHT to buy my house but I am no longer to pay my mortgage because I am seriously ill and unable to work. Will the NHT take away my house?
The Trust has special relief options to help mortgagors who are unemployed due to illness. The relief will take into consideration the mortgagor’s payment history before becoming ill, as well as the mortgagor’s current support system and financial status. Therefore, if you were a ‘good paying” mortgagor before becoming seriously ill, you stand a good chance of benefiting from the special relief.

As you would expect, the type of relief the NHT will give is determined on a case-by-case basis after discussions with the mortgagor. For this reason, the Trust encourages you and other mortgagors who are faced with any situation like this to call or visit your branch office.