NHT loan limit up to $9 million for individual contributor from July 1

Effective July 1, the loan limit for an individual National Housing Trust (NHT) contributor is to be increased from $7.5 million to $9 million.

The announcement was made on Thursday by Prime Minister Andrew Holness during his contribution to the 2025/26 Budget Debate in Gordon House.

"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 increase from $21 million to $23 million,” Holness said.

The prime minister, who has direct responsibility for the housing portfolio, said if an individual mortgagor is purchasing a unit priced at $14 million or less, the NHT will lend that individual up to $12 million, subject to affordability.

“Also, for construction of houses by individual contributors, 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,” he said.

In a major development which Holness described as “huge”, private sector workers will now be able to apply for their NHT refunds even if they have a NHT mortgage. Currently this benefit is only available to Government employees.

Holness noted that presently, all contributors who do not have a mortgage processed directly at the NHT are eligible for a cash refund of their contributions as they fall due.

“Public sector workers are however able to access cash refunds even while servicing a mortgage. This option is currently not available to private sector mortgagors. Effective July 1, 2025, private sector mortgagors will have the option for either a cash refund or the application of their refund amounts to their existing mortgage obligations, provided that the loan is free of arrears,” the prime minister told Parliament.

“This will be assessed on a year-by-year basis, based on NHT’s cash flow position,” he said.

Meanwhile, effective July 1, the NHT will reduce the time for mortgagors to access a home improvement loan from 10 to seven years. The loan limit for this benefit will be increased to $5 million, up from $3.5 million.