Question 1: What is the new change to the facility?
Answer: The amendment to the facility is that all mortgagors will now be eligible for a home improvement loan after 10 years. Previously NHT mortgagors were eligible for a home improvement loan 15 years after the first loan with an exception for Public Sector Workers who become eligible for the home improvement loan after 10 years.
Question 2: When will the change become effective?
Answer: The change becomes effective for loans disbursed after July 1, 2024.
Question 3: Who is eligible?
Answer: To be eligible for a 10 plus loan, you must be a current NHT contributor who previously accessed a loan from the NHT at least 10 years ago. Contributors’ mortgage payments must be up to date at the time of the application.
Question 4: Can I apply for my Ten Plus using an External Financing Mortgage Programme (EFMP) partner institution?
Answer: Yes. You can apply for a 10 Plus loan via an NHT mortgage partner if you earn more than $30,000.99 weekly or if you are co-applying with another qualified mortgagor. If you are unable to process your loan via an EFMP partner, the NHT will facilitate your loan application at any of our branch offices or service centres.
Question 5: Will the NHT facilitate my application if I do not want to use an EFMP partner?
Answer: If you are a current NHT mortgagor, and the NHT is your sole mortgage institution, you may apply directly at the NHT for your 10 Plus loan. If you need additional funding however (i.e. more than the NHT’s 10 Plus loan limit of $3.5m), you should apply via an EFMP partner.
Question 6: At what interest rate will my loan be calculated?
Answer: The interest rate for your 10 Plus will be determined using your current income and the applicable interest rate for that income band. Please note however that if you are co-applying, your interest rate will be determined using the average income of both applicants.
Question 7: How long will I get to repay?
Answer: You will have up to 20 years to repay, or up until age 70, whichever comes first.
Question 8: Can I co-apply with someone?
Answer: Yes. Two qualified NHT contributors may apply for a 10 Plus loan and access up tom$7 million (subject to conditions and affordability).
Published: July 1, 2024