The National Housing Trust (NHT) will introduce its announced revised loan limits earlier than expected. Starting June 16, 2025, contributors will be able to access the increased loan limits announced by Prime Minister Dr. the Most. Hon. Andrew Holness, during the 2025/2026 budget debate. The Prime Minister at the time indicated that the new benefits will take effect July 1, 2025 however the NHT will be implementing two weeks ahead of the scheduled date.
Meanwhile, other policy changes such as the expanded Home Grant, reductions in service charges and lower deposit requirements, will take effect July 1, as previously announced.
The measures are expected to improve the affordability of contributors making purchases on the open market as well as contributors engaged in construction.
New Loan Limits
Effective June 16, 2025, the NHT will increase the individual loan limit for Open Market purchases to $9 million. Two co-applicants may access up to $17 million, and three co-applicants up to $23 million. For units being sold at $14 million or less, a new special loan limit of $12 million will be available to single applicants making such purchases.
In addition, the loan limit for Build-On-Own-Land loans will also increase to $11 million for single applicants, $17 million for two-co applicants and $23 million for three co-applicants. Individuals purchasing land on the Open Market, will also have access to more financing. The House Lot loan limit increases to $5 million $7 million and $10.5million for single, two and three co-applicants respectively.
Existing Mortgagors
Starting June 16, the NHT homeowners loan for existing mortgagors and homeowners, will increase from $3.5 million to $5 million, where two-co-applicants will be able to access up to $10 million. Additionally, the waiting period to access a second loan benefit from the NHT for home improvement purposes, will be reduced from 10 years to 7 years. The increased financing coupled with the reduced wait time will allow mortgagors to make the necessary upgrades to enhance both their safety, comfort and overall living conditions.
Smart Energy Loan
Mortgagors looking to add renewable energy systems to their properties will have access to increased financing. The SMART Energy loan limit, first introduced in 2024, will increase from $1.5 million to $2.5 million. The funds can be used to install energy-saving technology such as solar panels and batteries, as well as other renewable energy technology including rainwater harvesting systems. Additionally, the applicable interest rate will now range from 0% to 5%, based on the borrower's income, rather than the previous standard rate of 5%. This adjustment however will take effect on July 1, 2025. By easing the financial barrier to renewable technology more homeowners will be able to invest in sustainable energy solutions, which can lead to long-term savings on energy costs and a reduction in Jamaica’s carbon footprint.
Changes to Take Effect July 1
To complement these increases and further improve affordability among contributors, the NHT will be offering a reduction in its service charge for new mortgagors effective July 1, 2025. Other policy changes announced that will come into effect July 1 include an expanded use of the NHT Home Grant which will now allow mortgagors with unfinished properties for a period of two years or more, to access additional funding to complete the units.
Contributors can generate new eligibility letters and access more information by visiting the NHT’S website www.nht.gov.jm or email the NHT at wecare@nht.gov.jm. Contributors are also invited to follow the NHT’s social media pages as the NHT will continue to share updates to assist in taking advantage of the improved offerings.