This week we are looking at the National Housing Trust (NHT) and why it’s the most auspicious time for contributors to utilize the benefits from this scheme. As of May 2019, the NHT increased its loan ceiling from $5.5 million to $6.5 million per contributor and reduced interest rates for all mortgagors by 1%.
As an NHT contributor, you can borrow as a single applicant or you may co-apply with another qualified NHT contributor to increasing the total amount. There is also the option of seeking additional funds from another lending institution that is willing to enter into a joint finance mortgage with NHT.
Once you have identified the lot or house you wish to purchase, you should visit the NHT office to obtain an Eligibility Letter – this letter will confirm your loan limit and estimated monthly payments. To receive the eligibility letter, you will need to provide the following:
- NIS Card of the person applying for the loan
- TRN Card of the person applying for the loan
- Pay slips for the last 2 months
- Verification of Gross Income and Contributions letter from present and past employers
- Valid identification (up-to-date passport, national voters ID or driver’s licence).
Receiving your eligibility letter, is confirmation from the NHT that you are in good standing. It’s also the ideal time to contact your Attorney-at-Law to commence purchase agreement discussions. The NHT will require copies of the signed Agreement for Sale and payment of the deposit (at least 5% deposit of the cost of the unit/lot must be made to the vendor’s attorney). In addition, you will also have to provide the NHT with a Surveyor’s ID Report and Valuation Report for the house/ land you hope to purchase. Note that the cost for these reports are the responsibility of the purchaser.
Once you have furnished all the required documents, the NHT will set an interview date, after this, you should obtain a Letter of Commitment – which signifies that your loan will be processed.
Abi-Gaye White-Thomas B.A., LL.B (Hons)