As more financial institutions continue to join the line-up, approximately 10 entities are currently named as partners under the National Housing Trust (NHT) External Financing Mortgage Programme (EFMP).

The institutions comprising a mix of banks and a credit union include: the National Commercial Bank (NCB), Scotiabank, JMMB Bank, JN Bank, VMBS, First Global Bank, FirstCaribbean (CIBC) Bank, Sagicor Bank, Sagicor Life, and COK Sodality Credit Union.

The EFMP, implemented in April 2023, will allow these lending institutions to fund loans, offering full NHT benefits to its qualified contributors. The loans, the NHT said, are to be accessed at the same low interest rates similar to what obtained when transactions were processed by the national housing solutions entity. Low-income contributors (earning between minimum wage and $30,000 weekly), along with those requiring special grants and those applying for NHT scheme benefits, it said will, however, have their mortgages processed at the NHT.

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

JMMB Bank, which signed the agreement earlier this month, ranking as one of the latest to do so, said its partnership aligns with the Government’s thrust towards making homeownership more affordable and accessible for all citizens.

Noting a 47 per cent uptick in its mortgage portfolio year over up to August 2023, CEO of JMMB Bank Jerome Smalling said the bank is pleased to have partnered with the NHT through the programme, especially now when it looks to empower more Jamaicans to achieve their dream of homeownership.

“Now our clients earning more than $30,000 weekly can seamlessly access financing to purchase residential real estate or build their dream homes, while accessing the maximum NHT benefit of $7.5m at the corresponding interest rate, and any additional financing needed all through JMMB Bank. We take a holistic approach, offering attractive terms and conditions, low processing fees, while also supporting our clients to identify the best insurance option through JMMB Insurance Brokers, to protect their home and to begin the build-out of generational wealth,” Smalling said while touting competitive mortgage rates at 8.85 per cent with up to 95 per cent financing along with an added $1 million in unsecured loans to cover additional home buying expenses, as needed among some other benefits.

JMMB Bank, through another partnership with Appliance Traders Limited (ATL), said it has also sought to provide its clients with discounts on furnishings.

The NHT, having now onboarded all commercial banks, said it is currently in the process of partnering with other credit unions and private lending institutions.

“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 NHT said in a notice this week.