All NHT contributors to access $3.5 million home improvement loan after 10 years

Effective July 1, 2024, the National Housing Trust (NHT) will revise its Home Improvement Loan policy to allow all contributors to access home improvement loans of up to $3.5 million after 10 years.

At present, only public sector workers can access the home improvement loan 10 years after receiving the initial mortgage loan.

This was announced by Prime Minister Andrew Holness in his contribution to the Budget Debate in Gordon House this afternoon.

At the same time, NHT contributors will soon be able to access a new loan product, dubbed the Smart Energy Home Improvement Loan.

Beginning July 1, 2024, NHT contributors will now be able to access this loan to outfit their dwellings with any combination of solar panels and batteries, solar water heaters, solar insulation, other renewable energy technology to include windmills, hydropower, and biomass.

Loans can also be obtained for rain water harvesting and storage, to include water tanks and pumps.

And some public sector pensioners will benefit from the NHT's expanded home grants to fund the installation of solar panel systems on their houses.

Holness explained that beneficiaries will be selected at random across the various parishes after satisfying specified criteria.

Follow The Gleaner on X and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.