Speaking yesterday, during his contribution to the 2010/2011 Budget debate at Gordon House in Kingston, Prime Minister Bruce Golding announced a number of new and improved benefits for National Housing Trust (NHT) mortgagors. The new benefits, he said, come against the background of the prevailing harsh economic climate facing Jamaica, and become effective on May 1 and July 1, 2010. Here’s the overview:
- Mortgage rates for all homeowners will be reduced by one per cent for persons earning from under $7,500 to over $20,000 weekly. That is, interest rates will move to seven, five, three and one per cent respectively.
- The new loan ceiling has increased by $1 million to $4.5 million for scheme units, open market purchases and build-on-own-land developments. For serviced lots, the amount has moved from $1.2 million to $1.5 million; construction loans have increased by $700,000 to $3 million; and home improvement loans from $1.2 million to $1.5 million.
- Mortgagors aged 55 and over, who are first-time applicants, will now benefit from a two per cent reduction in their interest rates. They must, however, have been NHT contributors for a minimum of 10 years.
- There will be a new subsidy programme, that will see the NHT allocate 40 per cent of its pre-tax surplus at the end of each quarter to provide subsidies to selected mortgage applicants who earn less than $10,000 per week, and who have contributed to the trust for at least 10 years.
- The requirement that applicants for scheme units must pay a minimum five per cent deposit, has been discontinued. However, they are required to pay the legal and professional fees associated with the transaction.
- The interest rate charged on interim construction loans, has been reduced from eight to three per cent. This has been done in order to spur growth in the construction sector. However, it only applies to two-bedroom units that are built at a cost not exceeding $5.5 million, and studio units costing a maximum $3 million. These loans are for a maximum three years.
- There is to be a new deferred mortgage system for NHT contributors whose salaries make it impossible for them to buy a house. The applicant will be able to qualify for a mortgage equivalent to 60 per cent of the price of the house. The remaining 40 per cent will be converted into a deferred mortgage, which is to be repaid or refinanced at scheduled stages in the life of the first mortgage. This is a limited benefit and will apply only to 10 per cent of the units in any scheme, and will apply to scheme units only.
June 27th, 2010 at 4:13 pm
If I have purchased a home on the open market about 2 years ago, can I benefit from the additional 1 million that is now being offered. I have a joint mortgage with my brother; I had taken my maximum and he a part of but we were afterwards told that he could not get additional amount which was to be used for renovation purposes. Could we apply for this additional amount?
July 15th, 2010 at 6:54 pm
IF am Buying a house that case 4.5 mil how much percent would i pay NHT?
July 26th, 2010 at 7:56 am
I benefitted from an Open market loean in early 90s. I now need to renovate the house ;the entire roof needs replacing, as well as, bathroom fixtures etc. My loan was fully repaid.
Is it possible for me to obtain a home improvement loan and what would be the prerequisite for sucha aloan.?
July 26th, 2010 at 8:03 am
How do I go about getting a home improvement loan. I received a loan in the 1990s to buy a house on the Open market. the house needs some improvement, the roof needs to be repalce and bathroom fixtures as well.
Would I qualify for a home improvement loan.
August 6th, 2010 at 9:46 pm
I need a house that cost no more than 5 million. If u know of any please let me know.
August 7th, 2010 at 5:51 am
how long wii it take to get a loan if i identify the place now
August 7th, 2010 at 1:06 pm
I have been a contributer for a few years now me and my husband…He had gotten a piece of land from a family member but we do not have the title and we’d like to know what to do before coming to you guys.
September 5th, 2010 at 9:53 am
need to know how many three bed rooms you are building in perth
January 1st, 2011 at 9:43 am
If the property is owned by NHT do i still have to pay a deposit. what are is condition that apply when i wish to purchase a house that is owned by NHT
January 3rd, 2011 at 10:05 am
I have given away my points in early 2000 my name is not on the title now i need to get a loan for my own home is this possible
January 10th, 2011 at 12:20 pm
i need to know how can i go about applying for a NHT home? If I am earning 13000 per wheek what amount will I be qualified for providing that I am working with my company for 4 years?
January 10th, 2011 at 2:29 pm
am a self employed individual work with few places before am in my early 20s not certain if my former employer was throwing the funs in the system before. but as i am self employed and wanting to know how how i can start making my contribution
February 11th, 2011 at 3:47 pm
i have been contributing to NHT since 2003 do i qualify for a loan
March 14th, 2011 at 12:21 pm
The announcement was made that no deposits are required does this apply to all housing developments, or is it just for NHT housing developments? and if not why is it that deposits ae still being required these developments.
April 4th, 2011 at 6:05 am
I am living in Antigua my last contribution was about 2005 or2006. What do i have to do to qualify for a lone?
April 5th, 2011 at 12:23 pm
I would like to know if it is possible to purchase a house open market on a loan or otherwise for 1.5m I’m a nht contributer please let me know
April 5th, 2011 at 12:44 pm
I got my unit from 1983 and would like to do some addition to it. I am currently living in the USA. How can I benefit from the additional $1.5m that is now available?
April 5th, 2011 at 12:47 pm
I received my unit 1983.I now reside in the USA, how can I benefit from the additional $1.5m that is available for home improvement?
May 13th, 2011 at 3:01 pm
i dnt understand y my home is sellin n my mom n my auntie want to buy it be for any one else n nw there sayin that its been sell already n we been leavin there for 21years the address is 39 7th st greenwich town king13
November 30th, 2011 at 8:22 am
i would like to know if its possible for me to get some assistance in repairing a house that was damaged by hurricane ivan. we have the land paper but we do not have a title. or is it possible to get some some assistance on a house that is already started.thank you.