Government Increases NHT Loan Ceiling by $1M
More Jamaicans to own a house or property, as the government yesterday took a significant step in assisting contributors.
It was announced that Cabinet approved the increase in the loan ceiling of the National Housing Trust (NHT) from 4.5 million to 5.5 million dollars and the lowering by one percent of the interest rate applicable to all debtors.
According to the office of the Prime Minster, the decision was made considering that the cost of new housing solutions has increased by 41% over the 5 year period 2010 – 2015.
Addressing the Jamaica House Briefing yesterday, Information Minister Sandrea Falconer said “in addition to improving affordability, the new measures will also help to stimulate construction start-ups and generate employment in the important construction industry.”
The additional 1 million dollars in loan ceiling, represents a 22% increase in financing available to NHT borrowers and will narrow the affordability gap for NHT contributors. The increased NHT loan ceiling is for new construction type loans or the purchase of units in new developments.