The NHT has implemented the following changes to make it easier for its contributors to afford NHT scheme units.
No Deposit (5% Deposit Waiver) for Scheme Purchases*
Example: J Brown is qualified for a full NHT loan of $5.5 million. If the selling price of the unit is $5.5 million, under this new facility, he will not be required to make a deposit.
Previously, he would be required to pay a deposit of 5% of $275,000. He would have been granted an NHT loan of $5,225,000 or 95% of the value of the property.
*This applies only to the required 5% deposit on the purchase and not to the amount needed to finance the gap between the cost of the property and the amount the applicant is eligible to borrow. That is, if the unit is valued at $6.5 million, and the applicant is eligible to borrow $5.5 million, he must seek financing for the additional sum of $1 million.