Scotiabank Signs as NHT’s Newest Mortgage Financing Partner

The National Housing Trust (NHT) and Scotiabank have joined as the newest partners under the External Financing Mortgage Programme (EFMP). The partnership was recognised with a signing ceremony on Tuesday July 18, 2023, at the NHT’s Park Boulevard Corporate Office in St. Andrew.

NHT Managing Director, Mr. Martin Miller and Scotiabank’s team of Executive Vice President, Retail and Small Business Banking, Perrin Gayle and Director Sales Support Unit, Avril Leonce (pictured below and attached) inked the agreement marking the commitment of partnership between the two entities.

Mr. Martin Miller in his remarks at the signing, conveyed his gratitude to Scotiabank for joining the list of mortgage partners through which NHT contributors can process their NHT loan benefits.

“I want to welcome Scotiabank to this partnership. We have had a successful partnership under the previous joint finance programme, and I know this will continue as we work together to give both our customers greater options where financing their homeownership goals is concerned.” Mr. Miller said.

Meanwhile, Scotiabank’s Executive Vice President Perrin Gayle, underscored the bank’s commitment to assisting Jamaicans with achieving their homeownership goals. He said that the EFMP represents an avenue through which Scotiabank will be able to assist even more Jamaicans.

"Scotiabank is very excited to commence this venture with the NHT that will undoubtedly simplify and make the process of acquiring a mortgage much more efficient for both our customers and hundreds of Jamaicans as they aim to achieve that ultimate dream of homeownership. Of course, as a Bank, our values are very much aligned with that of the NHT in making homeownership a reality for all Jamaicans and we are indeed committed to providing banking services of the highest standard to aid them on this important financial journey. We commend the NHT on initiating the external financing programme and we look forward to a successful partnership." Gayle said.

The EFMP follows an analysis by the NHT into how it finances loans and was implemented in April 2023. The EFMP replaces the previous Joint Financing Mortgage Programme, JFMP. Under the new arrangement, partner mortgage lending institutions fund full NHT loan benefits to qualified NHT contributors at the interest rates and terms as they would generally receive from the NHT. The new financing model allows the NHT to increase the supply of housing by channeling more resources into construction.

“Through this partnership, the NHT will be in a greater position to focus on its core mandate of providing affordable housing units to contributors especially those at the affordable end of the market. We currently have two main programmes, the Guaranteed Purchase Programme and the Developers Programme that we are using with our private developers to increase the number of housing units and at a faster pace, especially for our low income persons” Miller said at Tuesday’s signing.

In addition to their NHT loan benefit, contributors will also have access to other Scotiabank mortgage products, he added.

With Tuesday’s signing, Scotiabank brings to three (3), the number of local mortgage institutions that have signed on to the EFMP to date. The NHT expects this list of institutions to increase in the weeks ahead, as it wraps up negotiations with other mortgage partners.

The External Financing Mortgage Programme, EFMP, represents an improvement to the company’s financing arrangements as contributors will have access to an expanded list of mortgage institutions through which they can access their NHT loans. Come August 1, 2023, all mortgagors wishing to use their NHT loan benefit along with additional financing, will have their mortgage processed through one of the institutions under the programme. NHT contributors who are only accessing their NHT loan benefit, will also have the option of processing their loan via an EFMP mortgage partner. Contributors who earn less than $30,000 weekly as well as contributors who require NHT subsidies such as Home Grant, will continue to be processed at their NHT branch office or service centre of choice.

The EFMP forms part of a set of strategic changes in the optimisation of the NHT’s loan origination and processing services. The NHT recently unveiled an improved ‘NHT Online’ platform, which now allows contributors to generate NHT eligibility letters in real time.


Welcome Scotiabank! National Housing Trust, NHT, Managing Director Martin Miller (centre) signs the External Financing Mortgage Programme (EFMP) agreement along with Scotiabank’s Executive Vice President for Retail and Small Business Banking, Perrin Gayle (right) and Director, Sales Support Unit, Avril Leonce (left). Looking on are NHT’s Senior General Manager for Finance, Dwight Ebanks (standing-left) and Lloy Palmer, Assistant General Manager, Treasury Management (standing-right). On Tuesday July 18, 2023 Scotiabank officially became the third mortgage partner under the EFMP. The EFMP allows NHT contributors to access their NHT loan benefits at partner mortgage institutions on NHT terms. It replaces other joint financing mortgage arrangements effective August 1, 2023. Visit for details.