Thursday, November 12, 2015
THE National Housing Trust (NHT) has increased its loan ceiling by $1 million, effective November 1, it was announced at yesterday's Jamaica House press briefing.
With the increase, Jamaicans will now be able to receive up to $5.5 million in loans from the organisation, up from $4.5 million. The increase means that two contributors, as allowed by the NHT, can together access a maximum of $11 million towards the purchase of a house.
The decision, which was recently approved by Cabinet, also sees the lowering of the interest rate applicable for all categories of new borrowers by one percentage point.
Senator Sandrea Falconer, the minister without portfolio in the Office of the Prime Minister in charge of information, told the press briefing that the NHT changes should make it easier for more Jamaicans to own their own houses.
"... We have had increases in the cost of building [making it more difficult for some people to own their own homes, hence the reason to increase by $1 million the NHT loan ceiling," said Falconer, when asked what was the reason for the increase at a time when Jamaicans are preparing to go to the polls. She made it clear that the announcement was not being made because of the pending general election.
According to the minister, with a 41 per cent increase in housing prices over the five-year period between 2010 and 2015, the average NHT contributor required more money to "pursue their homeownership dream". more