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(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).
We reserve the right to withdraw the offer of sale of a property to a successful bidder if:- the defaulting mortgagor makes acceptable arrangements to settle the outstanding payments on his/her account, before the successful bidder pays the required deposit; the successful bidder fails to provide required documents within the established time-lines, or the information and contents provided in the documents presented do not meet established standards. the successful bidder is unable to satisfy payment of all costs to complete the sale; N.B. We will allow any bidder to re-bid on the same, as well as any other property, if the property is subsequently re-listed for sale by Private Treaty.
Private Treaty Sale is one of the methods used by financial institutions such as the NHT, to legally recover outstanding mortgage loans in default, and which are secured by properties such as residential homes.
This facility is available to a contributor, whose income cannot afford the full purchase price of a scheme unit. Under this arrangement, the NHT will defer payment of up to 40% of the cost of the unit.
The NHT may offer a successful applicant, with or without a co-applicant, a short-term Lease, not exceeding three (3) years. The Lessee has the option to purchase the Unit at its original selling price, at anytime during the Lease period. If you would like to know how the NHT can help you in owning one of these units, then contact us
Only the points of the primary applicant will be used for selection. So, ensure that the person with the highest points is the primary applicant.
The Priority Index Entitlement (PIE) System is the selection system used by the NHT to award scheme loans to eligible contributors. Under PIE selection the criteria are: Parish of residence or Parish of employment— Applicants must live and/or work in the parish where the development is located. Number of points—Points are derived from weekly contributions and current income.
Only the points of the primary applicant will be used for selection. So, ensure that the person with the highest points is the primary applicant.
