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Voluntary contributors will not be charged interest on contribution principal arrears, i.e., contributions due since voluntary registration but not yet paid.
Voluntary contributors are required to continue making contributions even after they have received a loan from the NHT. If their contributions fall into arrears, the sums due will be deducted from the sums tendered as mortgage payments. Voluntary Contributors who are borrowers would have contribution arrears payments deducted from their mortgage payments.
Voluntary contributors must have made at least 104 weeks (2 years) contributions, of which 52 weeks must be paid in the period immediately before the date of application. For example, if you contributed for five (5) years prior to migrating would, on registering as a voluntary contributor, you must contribute for at least an additional year before being eligible to apply for a loan. This change in requirement came into effect recently. Prior to this, Voluntary contributors were required to have made at least 52 weeks contributions with at least 13 payments made in the 26 week period immediately before the loan application.
All contribution refunds to voluntary contributors will be made in Jamaican dollars. Refund payments will be made directly to the contributor or if a mortgage exists, to the contributor’s loan account. In addition, mortgages to voluntary contributors will be transacted in Jamaican currency only.
Voluntary contributors, like all other NHT contributors are due a refund of their contributions in the eighth year after those payments were made.
Payments are only accepted in Jamaican Dollars (JMD) , therefore you would need to convert same to the JMD equivalent.
There will be some specific legal fees which you will be required to pay to enable us to not only register your name(s) on the Title as owner(s) of the property, but also the mortgage loan. These fees are approximately 3% of the sale price, and represent half costs for stamp duty and registration. (N.B. The 3% is based on the Stamp Commissioner’s assessment of the value of the property, and the cost to register the mortgage loan may vary depending on the Institution from which you will be obtaining the loan)
(a) You must be a first-time homeowner, and currently making contributions to the Trust. However, for more details of the eligibility requirements you may either visit the Customer Service Department at the nearest Branch Office, or visit the Loans section of the website by clicking on the “ Loans” link in the menu for more information. N.B. If you are not qualified for a NHT loan, you may still be allowed to purchase a property; however, we will not grant you the loan. Financing must therefore be sought from another source. (b) You may use the Fifteen (15) Plus Loan to purchase a property being sold by Private Treaty provided: the previous NHT loan was obtained at least 15 years ago; you are not currently a home-owner; your current non-home -owner status is not as a result of failure to meet NHT’s required mortgage payments. (c) If you are successful in bidding on more than one property, you will be allowed to purchase these properties, subject to proof that you can afford to pay for each one. However, we will grant you a mortgage loan on only one (1) property, if you are eligible for a non-home-owner’s loan or a loan as outlined at item (b) above.
Yes, provided that you can satisfy the requirements.
Vacant possession is not guaranteed. If the unit is still occupied by the previous owner(s) or is tenanted, upon receipt of Letters of Possession from the Trust, you will be responsible for ensuring that the property becomes vacant by serving a notice to quit on the occupants, and pursuing Court action for recovery of possession.
We cannot give you permission to access the property, however, if the occupant(s) is/are willing to allow you access to any area of the property, this is done at his/her own discretion. The properties are sold on an “as is” basis, therefore if upon inspection, any damage is identified, we do not accept responsibility for same.
We will give priority to “Cash purchase” for these properties; however, mortgage loans will be provided to qualified contributors provided that when the bids/ letters are being submitted, the persons who are interested in purchasing the properties do the following: indicate that they agree to purchase the property even though there is no Registered Title; provide proof of how the property will be purchased ( i.e by cash, or by getting a loan from a financial/mortgage institution).
