Wed | Aug 16, 2017

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

Published:Wednesday | November 11, 2015 | 11:49 AM
In addition to increasing the ceiling all NHT debtors will now see a one per cent reduction in interest rates.

New borrowers from the National Housing Trust (NHT) can now benefit from loans up to $5.5 million.

The increase, announced today by information minister Sandrea Falconer, represents a $1 million increase in the ceiling up from $4.5 million per contributor.

In addition to increasing the ceiling all NHT debtors will now see a one per cent  reduction in interest rates.

Falconer, addressing today's Jamaica House press conference, said there has been a 41 per cent increase in housing cost in the past five years.

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