Effective July 1, 2025, the National Housing Trust (NHT) will raise the loan limit for individual borrowers to $9 million, up from $7.5 million.
For two co-applicants, the combined maximum loan limit will be increased from $15 million to $17 million, and for three co-applicants, it will move to $23 million from $21 million.
Prime Minister, Dr. the Most Hon. Andrew Holness, announced the increases during his contribution to the 2025/26 Budget Debate in the House of Representatives on March 20.
He said further, that for individual mortgagors purchasing a unit priced at $14 million or less, the NHT will provide a loan of up to $12 million, subject to availability.
“We have given a policy directive to the NHT that all their resources should now be directed at producing houses that are around this price point. The NHT will not get involved in any new development of houses above this price point. Now, you won’t always get the houses at exactly $14 million but you have to be within that target range,” he said.
Also, for construction of houses by individual contributors, the Prime Minister informed that the individual construction loan limit will be increased to $11 million.
For two co-applicants, it will be $17 million and for three applicants, $23 million.
Additionally, he said that effective July 1, 2025, the NHT will reduce the wait time to access home improvement loans from 10 years to seven years.
The loan limit for this benefit will be increased to $5 million, up from $3.5 million.
The NHT increased loan limits in 2019 and in 2023.
Source: JIS News
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