If you are an NHT contributor who owns land or who has legal permission to build on a plot of land and you are ready to start building your home, then our Build-on-Own-Land (BOL) Loan is right for you.
The BOL Loan is a Non-Homeowners’ Loan. This loan allows you to access funds if you have a house lot that you wish to build on and have never received an NHT loan before.If you already are a homeowner and have never received a loan from the NHT, you can access funds to improve your house through our Home Improvement Loan.
If the cost to construct the unit is more than the amount being borrowed from us, then you must use your own funds to cover the difference before the Trust pays the loan. If you need (and can afford) to borrow more money, you may seek additional funds from another lending institution that is willing to enter into a joint finance mortgage arrangement under our External Financing Mortgage Programme (EFMP).
Generally speaking, contributors who have previously received a loan from the NHT, do not qualify for the BOL Loan. However, if you received a loan previously, but do not now own a home, you may still be able to access funds through our Home Improvement product.
Contributors who have been successful in their BOL application may utilise the services of System Building Suppliers in the construction of their homes. A maximum of 20% is available prior to the start of construction to facilitate the start-up of work. Thereafter, all loan disbursements are made based on certification of work done within the agreed scope of work. Subject to the approval of the contributor, the NHT is willing to make these payments to a third party.
Click here to find out how to apply for your BOL Loan.
Click here to learn about our loan limits.