NHT loan limit going up to $9 million effective July 1

Prime Minister Dr Andrew Holness has announced that the National Housing Trust will raise its loan limit for individual borrowers to $9 million beginning July 1, up from the current $7.5 million.

The combined maximum loan limit for two co-applicants will move from $15 million to $17 million.

And for three co-applicants, it will be increased to $23 million, up from $21 million.

If an individual mortgagor is purchasing a unit priced at $14 million or less, the NHT will lend up to $12 million, subject to affordability.

For construction of houses by individual contributors, the loan limit will be increased to $11 million.

Holness has also announced that as of July 1 NHT contributors who earn less than $30,000 weekly will only require a 2 per cent deposit for homes being purchased on the open market, a reduction from the current 5 per cent, if the housing solution being acquired is priced at or below $14 million.

He has also announced reduced interest rates for persons earning $42,000 or less per week.

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