FAQ: Contributions

No.

Voluntary contributors will not be charged interest on contribution principal arrears, i.e., contributions due since voluntary registration but not yet paid.

Voluntary contributors are required to continue making contributions even after they have received a loan from the NHT. If their contributions fall into arrears, the sums due will be deducted from the sums tendered as mortgage payments.   Voluntary Contributors who are borrowers would have contribution arrears payments deducted from their mortgage payments.

Voluntary contributors must have made at least 104 weeks (2 years) contributions, of which 52 weeks must be paid in the period immediately before the date of application. For example, if you contributed for five (5) years prior to migrating would, on registering as a voluntary contributor, you must contribute for at least an additional year before being eligible to apply for a loan. This change in requirement came into effect recently. Prior to this, Voluntary contributors were required to have made at least 52 weeks contributions with at least 13 payments made in the 26 week period immediately before the loan application.

All contribution refunds to voluntary contributors will be made in Jamaican dollars. Refund payments will be made directly to the contributor or if a mortgage exists, to the contributor’s loan account. In addition, mortgages to voluntary contributors will be transacted in Jamaican currency only.

Voluntary contributors, like all other NHT contributors are due a refund of their contributions in the eighth year after those payments were made.

If you are an overseas contributor, your contribution is quoted in the currency of the country which you are working. Your payment will then be converted to local currency at the prevailing rate set by the Bank of Jamaica on the date the payment is processed.

Your first payment is due immediately upon registration. Thereafter, voluntary contributions are due by the last day of every month and must be paid no later than the 15th of the following month. 

For example, voluntary contributions for the month of September are due September 30th but must be paid by October 15th to avoid penalties.

 

Yes. Contributors who were assessed for periods worked in Jamaica before going overseas are liable for these outstanding amounts inclusive of interest thereon.

As a voluntary contributor you should contribute 3% of your gross earnings if you are employed by someone else, or 3% of your income, net business related expenses if you are self-employed.

Yes. Pensioners who desire to contribute to the NHT are allowed to register as Voluntary Contributors.

No. You cannot be assessed as a self-employed contributor based on monies received from your husband/spouse.

With the NHT's change in policy, points are only considered when one applies for a scheme loan. You get 20 points for every 52 weeks of contributions made. Additionally, when you have applied for a scheme loan, you will be get  between 110 and 70 points depending on the income bracket in which you fall.

Yes, the NHT assists with the deposit in two ways.

1. If you have paid the 5% minimum deposit, and the vendor requires a larger deposit amount, the NHT will assist if the house/lot being purchased is less than the loan that you are eligible for.

2. The NHT will allow you to use contributions not yet due for refund to offset your deposit under the Contribution Refund Towards Deposit (CRTD) facility. Up to 6 years contributions can be used.

If the company is still in existence, verification of contributions can be had from the employer. If the company is no longer in existence and the contributions have not been remitted, those contributions would not contribute towards determining your points.

As your refund becomes due, it is credited to your mortgage

No. Under Jamaican law, all persons between the ages of 18 and 65 years, who earn at least the minimum wage are required to make NHT contributions.

You can get back your total contributions if you fall in any of the following categories

• Retirees
• Invalidity Pensioners
• Expatriates who are leaving the island
• Agents/Nominees of deceased contributors

This is called Special Contributions Refund (According to Section 22 of the NHT Act).

The first thing you need to do is to register as a Self-Employed person. An assessment will be done by a Compliance Officer who will inform you of the monthly amount you are required to contribute and any back money you might owe, which would need to be cleared up.