Loans
| Last Modified: 12/11/2008 12:15:01 PM | |
There are two main loan categories:
If you do not currently own a house and have never received a loan from the NHT, an individual can obtain a Non-Home Owners' loan of up to $3.5 million, while qualified co- applicants together may borrow up to $7 million.
Cluster Housing Loan
NHT Contributors can now come together and apply to buy a piece of land which can be further sub-divided into individual lots for which each applicant will have his or her own title.
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NHT Scheme House
Each successful applicant for an NHT scheme unit can get up to $3.5 Million from the Trust to help purchase the unit. Co-applicants may get up to $7 million.
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NHT Serviced Lot
Each successful applicant for a Serviced Lot in an NHT scheme can get a loan of up to $1.2 million to buy the lot. Double applicants may borrow up to $1.9 million.
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Open Market
The NHT will lend you an individual loan amount of up to $3.5 million to purchase a house being sold by an individual or agency other than the NHT, while qualified co-applicants together may borrow up to $7 million.
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House Lot
You can get an individual loan amount of up to $1.2 million to buy a House Lot being sold by an individual or agency other than the NHT, while co- applicants together may borrow up to $1.9 million.
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Build-On-Own-Land (BOL)
You can get an individual loan amount of up to $3.5 million to build a house on land you already own, while co-applicants together may borrow up to $7 million. You may also apply for a loan to build on land that does not belong to you. However, the registered owner of the land must give you written permission to do so.
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Construction Funds
If you had purchased a house lot on the open market or had received a serviced lot loan from the NHT, you can get a further loan to help build on the land. The maximum you are allowed to borrow is the difference between the Non-Home Owner’s Loan limit at the time you are applying for the construction funds, and the amount you already borrowed to buy the land. The total loans for the land and the construction will not exceed $3.5million.
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HOPE Loan
You may apply for a HOPE Loan of up to $1 million if you received an NHT loan at least 15 years ago, but no longer own a home. You can use this loan to buy another residential property. Conditions apply.
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If you own a house but have never received a loan from the NHT, you can apply for a Home Owner’s loan of up to $1.2 million and it can be used to help purchase any other NHT product, except NHT scheme units and serviced lots.
Home Improvement
If you own a unit and have never received a previous loan from the NHT, you can get an individual loan of up to $1.2 million to make changes or improvements to it. Also, if you do not own a house and wish to borrow to improve someone else’s house, you can get a loan of up to $3.5 million.
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HELP Loan
You may apply for a HELP Loan of up to $1million if you received an NHT loan at least 15 years ago, and you now wish to improve the property you bought at the time. You may also use this loan to improve another house, which you now own and occupy. Conditions apply.
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Solar Water Heater Loan
The Solar Water Heater loan is to provide financing to Individual NHT contributors and recognized institutions for the installation and retrofitting of solar heating systems. The loan limit is $250,000.00.
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Solar Panel Loans
NHT contributors can now get loans under the Homeowners’ category, to buy and install solar panels. The loan limits are $1.2 m and $2.4m.
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For more information contact the New Loans Department at your nearest NHT office.
Revised December 11, 2008
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