Ross Sheil, Staff Reporter
THE NATIONAL Housing Trust (NHT) has said it expects to issue $2.5 billion (30 per cent) more in mortgage loans in response to its new package unveiled yesterday.
The three new loans will become effective April 1 and will allow persons who received a loan at least 15 years ago to now receive a $1 million home enhancement loan.
Others who received a loan at that time but are no longer home owners are now eligible for a Home Ownership by Exception (HOPE) loan.
The NHT is also offering a solar water heater loan of $100,000, set at three per cent interest and payable over five years, previously announced under the National Energy Policy.
"At this time the NHT has been motivated by a renewed vision ... by a larger vision which is to stem the problem of inadequate housing and substandard housing which has challenged our country," said NHT Chairman Alva Anderson during a press briefing held at the Terra Nova Hotel, St. Andrew.
EXCITING NEW POLICIES
Mr. Anderson said the "exciting new policies" would increase opportunities for home ownership. Employees will now have to account for the last three years of employment, down from seven years to be eligible for NHT loans.
The plans were first announced by Prime Minister P.J. Patterson at the NHT's 30th anniversary celebrations on February 1.
Mr. Anderson said the NHT expects to construct 11,515 homes over the five-year period, April 2006-March 2011, at a cost of $29 billion.
Nearly 10,000 of these homes are to be built outside of the Kingston Metropolitan Region, including 3,910 in tourism areas.
Mr. Anderson said this, allied with housing programmes such as the Sugar Workers Development Programme, is designed to bring housing closer to areas of employment.
NHT Managing Director Earl Samuels urged Jamaicans to take up the loans, encouraging them to use their money to pay mortgages instead of rent.
The NHT will be holding a public forum inside Emancipa-tion Park, New Kingston, next Tuesday at 5:30 p.m. A second is to be held at the same time at Ocho Rios Baptist Church, St. Ann, on Thursday.
Approximated NHT mortgage loan calculation
| Possible | Interest rate | Approx. wkly | Repayment | Monthly |
| loan amounts | (per cent) | weekly salary | term | mortgage |
| $800,000 | 2 | $2,800 | 30 years | $3,931.09 |
| $1.5 million | 2 | $5,000 | 30 years | $6,793.20 |
| $1.65 million | 3 | $6,000 | 30 years | $8,296.19 |
| $1.75 million | 5 | $8,000 | 30 years | $11,157.89 |
| $2 million | 7 | $12,000 | 30 years | $15,424.91 |
| $3 million | 7 | $17,500 | 30 years | $22,807.31 |
| $3 million | 8 | $20,001 | 25 years | $26,242.38 |
| $3 million | 8 | $30,000 | 15 years | $32,110.63 |
- source: NHT
