The National Housing Trust (NHT) in Jamaica will increase the maximum loan limit for a single applicant by $1 million, from $6.5 million to $7.5 million, starting from July 1, 2023. This change is intended to make it easier for low-income earners to access affordable housing and to create more effective demand for housing solutions at the targeted price point. Joint applicants will also be able to access funding of up to $15 million, up from $13 million. Additionally, a new interest rate band will be introduced for people earning over $100,001 per week, allowing them to access loans from the NHT at a rate of five (5) percent. Prime Minister Andrew Holness made the announcement during his contribution to the Budget Debate in Parliament.
The NHT, is aware that housing building costs have climbed dramatically over the previous five years, affected in part by concerns with the global supply chain and energy prices. He said that traditionally, the NHT has used changes in the housing market to guide changes to the structures of loan limits and interest rates.
To make contributions more affordable for all contributors, this is done occasionally. The NHT loan cap was raised by 18.2% in 2019 from $5.5 million to $6.5 million. Moreover, all mortgagors’ interest rates were lowered, and the income categories were realigned.
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