NHT urges new construction applicants to take up increased loan offering

NHT urges new construction applicants to take up increased loan offering

BY KARENA BENNETT Business reporter benettk@jamaicaobserver.com

Tuesday, November 17, 2015

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Senior general manager for customer relations management at the National Housing Trust, (NHT) Lanie-Marie Oakley-Williams, reckons that contributors looking to start constructing homes over the next few months should consider the increased loan offering of the NHT.

Last Wednesday the NHT announced a $1-million increase in its individual loan limit for new applicants to $5.5 million with a one per cent reduction on interest rates for contributors who apply, as at the beginning of November.

Speaking at the Jamaica Observer Monday Exchange Oakley-Williams stated that the increased loan limits were specifically aimed at stimulating activities in the construction industry, ultimately increasing the number of housing solutions and creating employment for skilled workers.

The new loan limit is applicable to individuals seeking to purchase properties in new housing developments, as well as individuals constructing new houses.

"For individuals building on their own land, once you make the application within the month of November onwards, you can access the full $5.5 million subject to affordability," Oakley-Williams told the Business Observer.

"If, for example, you applied in October, you would not be eligible and once you have had a disbursement on your (construction) loan we don't consider that to be a new application."

The senior general manager further noted that individuals looking to purchase open market homes from a new housing development must be provided with a practical completion certificate, dated September 1 to qualify for the new loan limit and reduced interest rates.

"The developers know that they have to provide a practical completions certificate and it must be dated September 1. So the customer would come in as of November 1 and they would show us this practical completions certificate which says 'I have completed this housing development after September 1', and from there we will begin the processing," she said.

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