Tue | Oct 17, 2017

NHT benefit increase not a ploy, says government

Published:Wednesday | November 11, 2015 | 6:37 PM
Information minister, Senator Sandrea Falconer, today announced a $1 million increase in the NHT loan ceiling from $4.5 million to $5.5 million per contributor.

The People's National Party (PNP) administration is insisting that its move to increase the amount of money which can be borrowed from the National Housing Trust (NHT) is not a ploy to secure a win in upcoming general elections.

Information minister, Senator Sandrea Falconer, today announced a $1 million increase in the NHT loan ceiling from $4.5 million to $5.5 million per contributor.

In addition, NHT debtors will now see a one per cent reduction in interest rates.

READ: NHT increases loan ceiling by $1 million, reduces interest rate

However, with many political pundits predicting an election will be held before the end of the year, the announcement today has led to suspicions it is aimed at ensuring a win for the ruling People’s National Party.

Today, Falconer insisted the initiative was led by the NHT board and not by the political directorate.

 

Information Minister Sandrea Falconer, responding to questions from Gleaner reporter Daraine Luton.

Falconer explained that there has been a 41 per cent increase in housing costs in the past five years.

She said the lowering of the rates and the increase in the loan ceiling will help more Jamaicans to get affordable housing and stimulate activity in the housing sector.

Falconer said the NHT will provide more details on the changes soon.