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NHT loan ceiling moved to $5.5m for open market properties

Monday, July 17, 2017

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KINGSTON, Jamaica — Effective today, National Housing Trust (NHT) contributors seeking to purchase houses on the open market will be able to access up to $5.5 million.

Previously, only contributors who are constructing or who are buying into new developments whose Practical Completion Certificate dated September 1, 2015, and after could borrow up to $5.5 million for Open Market Loans. Now a qualified contributor can access this loan category and borrow up to $5.5M to purchase any house on the open market, the Office of the Prime Minister (OPM) explained in a release today.

Additionally, the loan limit for the 15+ category has been increased from $1.5 million to $2.5 million. This would bring the 15+ Loan in line with the other NHT Home Owner’s Loan.

The OPM said the 15+ Loan is for NHT contributors who want to repair, improve or expand an existing mortgaged property or those who want to purchase or construct a residential property once the beneficiary is no longer a home owner.

Prior to May 1, 2017, a NHT contributor who was a homeowner, but had never accessed a NHT mortgage benefit, was eligible for a maximum loan of $1.5 million.

Prime Minister Andrew Holness announced the changes on Friday at the Groundbreaking Ceremony for the Villages of Colbeck Castle Phases 1 & 2.

He said the NHT must fulfill its mandate to build more houses for Jamaicans to access.

“We are widening the reach of the NHT, increasing the allocation to ensure that all Jamaicans have a housing solution,” stated the prime minister.

Holness said increasing the housing stock will allow the cost of squatting to be higher than that of acquiring a legal home.

“You could have sympathy for squatting if the government wasn’t building, but now the government is building so the sympathy for squatting must decline,” explained Holness.

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