The National Housing Trust, (NHT) has paid out over $1.3 billion in refunds to more than 85,000 of its contributors between January and July of this year.

These were refunds on payroll deducted contributions made up to 1998.

The Trust said the amount paid out was 25 per cent more than the amount paid out in the comparative seven-month period last year, when refunds approached $1 billion.

Each NHT contributor is entitled to recover the employee/self-employed portion of contributions, with interest, every eighth year after the payment is deducted from salaries.

Some 13,000 mortgagors who accessed NHT loans before their refunds become due have had their mortgage accounts credited, totalling $247 million this year.

The NHT also makes refunds in full to retirees, invalidity pensioners, expatriates and agents/nominees of deceased contributors.

Customers who claim their refunds are not prevented from receiving an NHT loan in the future according to the NHT.