Government Expands NHT Benefits to Increase Homeownership and Financial Relief for Jamaicans
Prime Minister Dr. Andrew Holness has announced a series of new and expanded benefits from the National Housing Trust (NHT) to benefit Jamaicans.
The series of improved benefits will take effect in the coming months are aimed at making homeownership more affordable and accessible for Jamaicans.
These enhancements, which include increased loan limits, reduced deposit requirements, and expanded grants, represent a significant investment in improving the lives of NHT contributors.
Starting July 1, 2025, several key changes will take effect:
– Increased Loan Limits: Individual loan limits will rise from $7.5 million to $9 million, while two co-applicants can now access $17 million and three co-applicants up to $23 million.
– The loan ceiling for construction loans will also be increased to $11 million for individuals, $17 million for two co-applicants, and $23 million for three co-applicants.
– Lower Deposit Requirements: For contributors earning less than $30,000 weekly, the deposit requirement for open market loans will be reduced from 5% to 2% for properties valued at $14 million or less, making it easier for more Jamaicans to own a home.
– Reduced Service Charges: Those earning $30,000 or less per week will see their 2% service charge eliminated, while those earning between $30,000 and $42,000 per week will have their charge reduced from 5% to 2%.
– Expanded Home Grant Eligibility: The maximum qualifying income for Home Grants will increase to $30,000 per week, enabling more contributors to access grants of up to $3.5 million.
– Home Improvement Loan: The waiting time to access this loan will be reduced from 10 to 7 years, and the loan limit will increase from $3.5 million to $5 million.
There are also special Initiatives for pensioners and public sector workers. These include:
-Smart Energy Grant Expansion: Initially available only to public sector pensioners, this grant of up to $1.5 million for solar panel installation and alternative energy systems will be expanded to private sector pensioners.
– Smart Energy Loan Increase: The loan amount will increase from $1.5 million to $2.5 million, and the interest rate will now range from 0-5%, making it more affordable for lower-income contributors.
– Targeted Institutional Loan Programme: The NHT will partner with hospitals to provide on-site housing for healthcare workers, with ongoing discussions also considering the tourism, security, and education sectors.
New Contribution Refund Option for Private Sector Mortgagors
– Private sector mortgagors will now have the choice to apply their NHT contribution refunds toward their existing mortgages, provided their loans are free of arrears.
In the meantime, Prime Minister Holness announced that as the NHT approaches its 50th anniversary in 2025/26, the agency will commemorate its milestone with the development of a new park in Mandeville and the expansion of its scholarship programme from 10 to 50 awards.
Prime Minister Holness said his administration is committed to housing affordability, stating.
“These enhancements reflect our dedication to ensuring that every Jamaican has a fair opportunity to own a home and improve their quality of life,” said Dr. Holness.