Effective July 1, 2024, the National Housing Trust (NHT) will revise its home improvement loan policy to allow all contributors to access home improvement loans of up to $3.5 million after 10 years.
Prime Minister, Andrew Holness, announced the policy change during his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21.
He said that as more Jamaicans become homeowners, there has been an increased demand for home-improvement financing.
“Currently, public-sector workers enjoy a special benefit which allows for access to a home improvement loan from the NHT 10 years after the initial mortgage [loan].
For non-public-sector contributors, the time to access the loan is 15 years,” he pointed out, noting that with the policy change, all eligible contributors will be able to benefit after 10 years.
