NHT to cut interest rates for teachers, members of security forces, Holness says
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Starting July 1, the National Housing Trust (NHT) will offer reduced mortgage rates for teachers, nurses, firefighters, and security forces, Prime Minister Dr Andrew Holness announced Thursday.
He says the state-owned entity will also reserve more homes for buyers under 35, and cut the home improvement loan waiting period from seven to five years
For NHT beneficiaries with five to ten years of service, mortgage interest rates will be cut by 1%, while those with ten years or more will see a 2% reduction.
Young Jamaicans under 35 will benefit from a minimum 20% allocation of scheme units, which will double the previous 10%. They can also receive an advance of up to $2 million to help with deposit requirements for open market purchases.
Holness says the Home Improvement Loan waiting period will also be shortened from seven to five years, allowing existing homeowners faster access to funds for maintenance, security, green energy upgrades, and home expansion.
Holness says the announcement is a fulfillment of promises made ahead of last September's general election.
He was making his contribution to the National Budget Debate in the House of Representatives.
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