The National Housing Trust (NHT), is set to implement a series of strategic changes to optimise loan processing and accessibility to mortgage financing for its contributors.

Improvements to our customer service delivery along with the recently announced increases in loan limits are expected to streamline the NHT’s mortgage programme, thereby enhancing the overall experience for our customers.

We have made significant progress in the modernisation of our services by harnessing technology and other innovations. Among the changes, is an upgrade to the NHT Online platform to allow customers to generate eligibility letters in a much shorter processing time. In addition, customers will be able to indicate their mortgage institution of choice to which these letters would be dispatched.

In addition, come April 3, 2023, the NHT will be piloting a new mortgage financing model. The External Financing Mortgage Programme, EFMP will replace the current Joint Finance Mortgage Programme, JFMP, on a phased basis. Our contributors will have an expanded list of mortgage institutions through which they can access their NHT loans. This list will now include credit unions along with commercial banks. To date, two institutions (National Commercial Bank, NCB, and COK Sodality Cooperative Credit Union) have signed on to the programme (video below).

Under phase one of the programme:

  • Contributors who wish to access their NHT benefits from financial institutions, that have not signed on to EFMP, will be able to receive referral letters under the JFMP up to April 30, 2023;
  • While entities transition to the EFMP, arrangements are being made for contributors who wish to access their benefits through these institutions to do so under a pari passu arrangement from May 1, 2023 to July 31, 2023;
  • All contributors, who are outside the NHT’s zero per cent income band, and intend to mix funds (part from the NHT, part from the partner institution) will receive ALL loan benefits (interest rates and loan tenure), as if they had come directly to the NHT;
  • Contributors applying for NHT scheme units, grants and special subsidies must apply for their loans at any NHT branch office;
  • Contributors who are interested in applying for loans that fall within the NHT’s loan limit, may choose to apply at any NHT branch office;
  • Contributors will benefit from faster processing times for loans and other housing related products not provided by the NHT.

Under phase two of the programme, contributors earning above $30,000.99 weekly and wish to access loans to purchase on the open market will be required to access full loans from partnering financial institutions. Details of this will be communicated once implemented.

The National Housing Trust will continue to extend special assistance to our mortgagors who are experiencing financial hardships and require assistance from the Trust to maintain and/or keep their accounts in good standing. Our contributors remain our top priority, as we continue to implement more strategies and ideas to make it easier for them to actualize their dream of home ownership.                                         

With these changes, the NHT will be able to rearrange its resources to focus more of its efforts on developing affordable housing solutions for contributors in a significant way. This represents the greatest need of the housing market at this time.