NHT Assists in Funding Your Deposit

For many persons, the thought of purchasing a residential property becomes daunting when they think of finding the “down payment”. This is the deposit which is usually required by the vendor/vendor’s attorney prior to the signing of a sales agreement and is a partial payment (usually between 5 and 15% of the sale price) towards the purchase of a residential property.

In recognizing this challenge faced by many prospective home buyers, the National Housing Trust (NHT), in 2010, introduced the Contributions Refund Towards Deposit (CRTD) loan. All qualified contributors purchasing a house or lot, or building a residential property that will be funded by an NHT loan, may borrow up to 100% of  their available contributions not yet due for refund: 

1. to assist with the deposit (refers to the initial down payment) for the said property;
2. to assist with closing costs and /or shortfall on purchase price, legal fees (including purchaser’s attorneys fee); 
3. to assist with payments for surveyor’s identification reports and / or structural engineer’s reports and / or valuation reports and / or property tax; 
4. to assist with start-up funding for construction projects as follows: 
   1. Site Confirmation Report
   2. Bill of Quantities (BQ)
   3. Cost of Excavation
   4. Clearing of land
   5. Lining-out of building
   6. Pegging of boundary
   7. Any other construction related costs approved by the Leadership Team

NB. CRTD has a loan tenure of eight (8) years and should not exceed 15 % of the selling price of the property being purchased.

In instances where the amount received via CRTD does not satisfy the deposit requirement or complete the purchase of the property, the contributor must pay the balance due as the deposit or to complete the purchase of the property.

While the contributor may make direct payment to the loan, payments to the loan account are generally made when the contributions refunds become due for payment until the loan is settled. The contributor will be required to repay any outstanding balance remaining at the end of the loan term.

Find the list of documents needed to assist you to process this loan here.

For further information, you may contact the NHT at:

E-mail: wecare@nht.gov.jm

Telephone: 1-876-929-6500-9

Toll Free Numbers:
☎ Jamaica: 1-888-225-5648,
☎ U.K.: +44 203 514 8816
☎ U.S.A./Canada: +1-800-858-3219