NHT to expand pool of partners under microfinance programme
KINGSTON, Jamaica – More institutions will be added to the National Housing Trust (NHT) pool of financial partners from which qualifying contributors can access additional funds under the improved Housing Microfinance Loan programme.
Assistant General Manager for Treasury Management, Lloy Palmer, said at least three credit unions will be added by the new year.
“We are in the process of documentation and training. So, I am sure that by next year, as persons need to utilise the facility, we will have more options for them,” Palmer said, while addressing the NHT’s housing webinar on December 17.
Six credit unions are already operational under the programme, which is available to low-income earners with a monthly salary of $86,000 weekly or less.
The Housing Microfinance Loan programme allows contributors to borrow up to $1.95 million.
This is in addition to the $7.5 million that is available for purchasing a property on the open market or built on land.
Palmer said the funds can be accessed for a wide array of purposes. These include making a deposit on a new house, formalising a title, to purchase land and for general infrastructure upgrades.
“We also ensured that it [the programme] is affordable. So, you can either get a secured loan from your credit union at six per cent interest rate, or if it is unsecured, meaning there is no collateral, then that loan is available at a nine per cent interest rate,” she explained.