Dear Editor,

The National Housing Trust (NHT) has increased the number of partner mortgage institutions through which qualified contributors can access their NHT mortgage benefits.

NHT contributors who earn more than 30,000 weekly as well as contributors who require additional funding to their NHT loan entitlement can now have their NHT loan processed at one of 10 partner mortgage institutions under the External Financing Mortgage Programme, EFMP. The 10 partner institutions are COK Sodality Credit Union, National Commercial Bank (NCB), The Bank of Nova Scotia Jamaica Limited, JMMB Bank Jamaica (Limited), JN Bank Limited, The Victoria Mutual Building Society (VMBS), First Global Bank Limited, First Caribbean International Bank (Jamaica) Limited (CIBC), Sagicor Bank Jamaica Limited and Sagicor Life.

All mortgage partners from the previous Joint Financing Mortgage Programme (JFMP) have signed agreements to process NHT benefits under the EFMP. The NHT continues to finalise agreements with Jamaica’s network of credit unions to add even more options to the growing list of EFMP partners.

The EFMP was implemented in April 2023 with full implementation as at August 1, 2023. Under the new arrangement, partner mortgage lending institutions fund full NHT loan benefits to qualified NHT contributors. Contributors access these loans at the same low interest rates they would generally receive from the NHT. Contributors in the NHT’s lowest income band (earning between minimum wage and $30,000.99 weekly), those requiring special grants, and those applying for NHT scheme benefits will have their mortgages processed at the NHT.

In the meantime, the NHT is advising customers who require construction-type loans not yet offered by some mortgage partners to process these at the NHT offices. This, as the NHT continues to work with mortgage partners to build out construction-type loan offerings.

The new framework, which increases the number of institutions through which individuals can access an NHT mortgage, allows the NHT to channel more resources into construction to increase the supply of housing.

The NHT wishes to emphasise that under the EFMP customers are entitled to their full NHT benefit. Against that background, in instances in which customers have been unable to finalise a loan with a financial partner, the NHT will honour any such benefit accessible to the customer by processing the loan through the NHT’s network of branches.

Customers requiring any assistance with the programme are being asked to contact the NHT directly.

National Housing Trust