If I am a Jamaican migrating to another country can I get a Special Contributions Refund?
Will interest be charged on my voluntary contribution arrears?
Voluntary contributors will not be charged interest on contribution principal arrears, i.e., contributions due since voluntary registration but not yet paid.
What happens if I fall behind with my voluntary contribution payments?
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.
As a voluntary contributor, when do I qualify for a loan?
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.
In what currency will my voluntary contributions be refunded?
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.
Will my voluntary contributions be refunded?
Voluntary contributors, like all other NHT contributors are due a refund of their contributions in the eighth year after those payments were made.
In what currency should I pay my voluntary contributions?
If you are an overseas contributor, your contribution is quoted in the currency of the country which you are working. Your payment will then be converted to local currency at the prevailing rate set by the Bank of Jamaica on the date the payment is processed.
When are my voluntary contributions due?
Your first payment is due immediately upon registration. Thereafter, voluntary contributions are due by the last day of every month and must be paid no later than the 15th of the following month.
For example, voluntary contributions for the month of September are due September 30th but must be paid by October 15th to avoid penalties.
Do I have to pay my contributions once I have been assessed even if I am going overseas?
As a voluntary contributor, how much of my earnings should I contribute?
Can pensioners contribute to the NHT?
I am married and receiving monies monthly from my spouse. Can I register as a self-employed contributor to access a loan?
No. You cannot be assessed as a self-employed contributor based on monies received from your husband/spouse.
How many points do I have?
With the NHT's change in policy, points are only considered when one applies for a scheme loan. You get 20 points for every 52 weeks of contributions made. Additionally, when you have applied for a scheme loan, you will be get between 110 and 70 points depending on the income bracket in which you fall.
Will the NHT assist with the deposit?
Yes, the NHT assists with the deposit in two ways.
1. If you have paid the 5% minimum deposit, and the vendor requires a larger deposit amount, the NHT will assist if the house/lot being purchased is less than the loan that you are eligible for.
2. The NHT will allow you to use contributions not yet due for refund to offset your deposit under the Contribution Refund Towards Deposit (CRTD) facility. Up to 6 years contributions can be used.
What happens to my points if the company I worked with did not make contribution payments to the NHT on my behalf?
If I am a mortgagor what happens to my contributions/refund?
Can I stop contributing after I have obtained a loan?
How can I get back a total refund of my contributions?
I am self employed but not making contributions, how do I start and when can I get a benefit from NHT?
The first thing you need to do is to register as a Self-Employed person. An assessment will be done by a Compliance Officer who will inform you of the monthly amount you are required to contribute and any back money you might owe, which would need to be cleared up.