Three Family Members Can Co-Apply for NHT Loan

The National Housing Trust (NHT) recently introduced a facility that enables three family members to co-apply for a home loan.

While the NHT has an existing facility that enables any two contributors to co-apply for a loan, under this component of the co-applicant programme, three family members with established kinship ties may co-apply and access a loan to buy or build a house that has a minimum of two bedrooms.

Assistant General Manager for Corporate Communications and Public Affairs at the NHT, Dwayne Berbick, said the initiative is part of several strategies by the Trust to create more pathways to home ownership for all Jamaicans.

“That one is relatively new within the last year… and it is called ‘Three Applicants’. It is reflective of [our responsiveness to our clients’ needs]. NHT policy comes out of conversations with customers… . That is why we took it a step further and said three [co-applicants],” he explained.

Mr. Berbick was speaking on the Love 101 radio segment, ‘Good Morning Minister’, on July 12.

He said that normally, two qualified contributors may pool their NHT benefits. They do not have to be related. However, conditions to access a home loan under this facility require co-applicants to establish proof of kinship.

“[Once] they have established [they are] a family… three individuals can co-apply. They can get $21 million… to purchase or build a home that has a minimum of two bedrooms,” Mr. Berbick explained.

“The good thing about [it] is that the loan repayment period is calculated based on the youngest person. So, if mommy is 50, daddy is 52 and the child in the partnership is 25 (the mortgage repayment period is longer) and [it facilitates] smaller and more manageable monthly payments,” he added.