Ever wondered what the benefits of using the NHT are or perhaps you are making NHT contributions and don’t know why or how you can get them refunded?
I don't work with/for the NHT but here are 10 benefits that I think everyone should know!
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A thread
I don't work with/for the NHT but here are 10 benefits that I think everyone should know!
#FinanceTwitterJa
A thread
1. Lowest mortgage rates!
The NHT has rates as low as 0% for certain income groups. The highest interest rate is 5%, which is still lower than rate available in the mortgage market (about 8.15%).
You can borrow up to $6.5 Million as seen in the table below.
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The NHT has rates as low as 0% for certain income groups. The highest interest rate is 5%, which is still lower than rate available in the mortgage market (about 8.15%).
You can borrow up to $6.5 Million as seen in the table below.
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2. 0% Mortgage
If you are disabled, a new mortgager over 55 years or a public sector worker earning less than $120k a month then you can qualify to borrow at a rate of 0%! In general if you earn less than $60k a month, then you can also qualify for a zero-interest mortgage. 3/
If you are disabled, a new mortgager over 55 years or a public sector worker earning less than $120k a month then you can qualify to borrow at a rate of 0%! In general if you earn less than $60k a month, then you can also qualify for a zero-interest mortgage. 3/
3. Refund of Contributions
If you made a contribution 7+ years ago (money was deducted from your salary & sent to the NHT when you were working) then you can actually apply to the NHT for a refund.
I recently completed this process & even got 1.8% (per annum) in interest..
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If you made a contribution 7+ years ago (money was deducted from your salary & sent to the NHT when you were working) then you can actually apply to the NHT for a refund.
I recently completed this process & even got 1.8% (per annum) in interest..
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Visit their site in the link below & then scroll to the bottom to start your refund application.
www-2.nht.gov.jm/contribution-r…
The NHT also has a Special Contributions refund programme, which in special circumstances allows you to be able to claim your NHT refund sooner than 7 years.
www-2.nht.gov.jm/contribution-r…
The NHT also has a Special Contributions refund programme, which in special circumstances allows you to be able to claim your NHT refund sooner than 7 years.
The following persons would be able to apply for early NHT refunds:
Retirees
Invalidity Pensioners – persons who can no longer work because of mental or physical disability
Migrating Expatriates
Agents of Deceased Contributors
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Retirees
Invalidity Pensioners – persons who can no longer work because of mental or physical disability
Migrating Expatriates
Agents of Deceased Contributors
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4. Loans to build not just to buy!
If you already own the land, then you can access up to $6.5M for construction as well. You can also use the funds to purchase land only.
The NHT loan benefits are generally for first-time home owners (there are some exceptions). 7/
If you already own the land, then you can access up to $6.5M for construction as well. You can also use the funds to purchase land only.
The NHT loan benefits are generally for first-time home owners (there are some exceptions). 7/
5. Disability Benefits
If you are disabled, you can get an early refund of your contributions (you don’t have to wait seven years) and you can access a loan at 0% interest.
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If you are disabled, you can get an early refund of your contributions (you don’t have to wait seven years) and you can access a loan at 0% interest.
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6. 100% Financing for Scheme Units or Serviced Lots.
In his Throne Speech on February 11, 2020, the Governor General indicated that the NHT plans to do over 10,000 housing starts in the fiscal year 2020/2021 and more than 23,000 by 2023....
jis.gov.jm/more-than-1000…
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In his Throne Speech on February 11, 2020, the Governor General indicated that the NHT plans to do over 10,000 housing starts in the fiscal year 2020/2021 and more than 23,000 by 2023....
jis.gov.jm/more-than-1000…
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Housing starts have grown by almost 500% over the last 4 years which means many more Jamaicans will have access to homes that they can get 100% financing from the NHT. This applies to homes they build or serviced lots.
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7. $2.5 Million Housing Grant (Free Money!)
For persons earning less than $15k a week ($60k a month), the NHT has a special $2.5 M Home Grant that can be combined with the NHT benefit when applying for a loan to purchase land or property or to build. Conditions apply.
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For persons earning less than $15k a week ($60k a month), the NHT has a special $2.5 M Home Grant that can be combined with the NHT benefit when applying for a loan to purchase land or property or to build. Conditions apply.
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8. $5 Million House Repair Loan
Once 15 years have passed since you accessed your NHT loan & you wish to borrow from them to renovate or expand your property, you can borrow an additional $2.5 Million! You can even use it to purchase items like Solar Panels/Storm Shutters.
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Once 15 years have passed since you accessed your NHT loan & you wish to borrow from them to renovate or expand your property, you can borrow an additional $2.5 Million! You can even use it to purchase items like Solar Panels/Storm Shutters.
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9. Inter-Generational Mortgages
It was announced in 2019 that the NHT will be offering inter-generational mortgages. The model has been adopted in other countries but up until the time of writing, no info has been published on how to apply etc in Jamaica.
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It was announced in 2019 that the NHT will be offering inter-generational mortgages. The model has been adopted in other countries but up until the time of writing, no info has been published on how to apply etc in Jamaica.
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The inter-generational mortgage will allow a child or younger sibling to continue with a mortgage obligation, subject to affordability, when the older mortgager retires or dies.
The loan will be scheduled over a 60-year period and an heir must be identified at application 14/
The loan will be scheduled over a 60-year period and an heir must be identified at application 14/
10. Access your benefits from yard or from abroad
If you have migrated, if you earn a cash income (i.e. your employer does not pay taxes on your behalf) or if you are self-employed, you can still make contributions to the NHT by sending your payment directly to them... 15/
If you have migrated, if you earn a cash income (i.e. your employer does not pay taxes on your behalf) or if you are self-employed, you can still make contributions to the NHT by sending your payment directly to them... 15/
.. through the tax office or even paying online with a credit card. See the instructions below on how to make voluntary contributions.
www-2.nht.gov.jm/contribution-p…
Just as if your payments were being salary deducted, you are entitled to a NHT refund after seven years.
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www-2.nht.gov.jm/contribution-p…
Just as if your payments were being salary deducted, you are entitled to a NHT refund after seven years.
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If you're abroad you can still access your NHT home loan benefit to build or construct in Jamaica but if you are, in order to access a home loan you have to be contributing for 1 year, but wait an additional year to apply for the loan (you can access it in 1 year if you're here)
I hope that helps in your home ownership journey and visit my full article on this here financialcentsibility.com/your-nht-benef… and my NHT Mortgage Calculator docs.google.com/spreadsheets/d… for additional support!
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