Sat | Aug 19, 2017

New National Housing Trust rates take effect today

Published:Friday | July 1, 2016 | 7:47 PM
The National Housing Trust Kingston offices.

New measures announced by the Government in May to allow more Jamaicans to buy houses through the National Housing Trust (NHT) take effect today.

As of today, new NHT loan applicants who earn up to $12,000 per week or less will be able to access interest free loans from the NHT.

Previously, only workers who earned up to $7,500 dollars per week qualified to receive interest-free loans.

These individuals will now be able to borrow up to about $4.89 million from the NHT.

NHT contributors now earning between $12,001 and $20,000 per week will be eligible for a two per cent mortgage interest rate, down from four per cent; and persons now earning between $20,001 and $30,000 weekly will be eligible for loans at four per cent, down from six per cent.

Those contributors who earn above $30,000 weekly will continue to pay at the highest interest rate of six per cent.

Meanwhile, the NHT’s Home Grants programme has been adjusted so that contributors who earn a maximum of $12,000 weekly can apply for a grant of up to $1.5 million instead of the previous $1.2 million.

Additionally, the amount a single applicant can apply for to buy a house lot has moved from $1.5 million to $2 million.