Big Boost for Homeownership as NHT Loan Limits Increase

Starting July 1, National Housing Trust (NHT) contributors will have access to higher loan limits, making homeownership more attainable.

Individual borrowers can now secure up to $9 million, an increase from $7.5 million.

Co-applicants will also benefit, with two contributors able to access a combined $17 million, while three can secure up to $23 million.

Additional support is available for those purchasing homes valued at $14 million or less, with eligible buyers qualifying for up to $12 million, subject to affordability.

The ceiling for individual construction loans will rise to $11 million, while two and three co-applicants can access $17 million and $23 million, respectively.

A landmark change will allow private sector workers with NHT mortgages to claim contribution refunds, an option previously limited to government employees. Depending on NHT’s financial standing, they may choose either a direct cash refund or have the funds applied to their mortgage if no arrears exist.

Further enhancing accessibility, the waiting period for home improvement loans will be reduced from 10 years to seven, while the loan limit will increase from $3.5 million to $5 million.

These adjustments signal a significant push toward making homeownership and housing improvements more achievable for Jamaicans.

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