The National Housing Trust (NHT) will roll out a series of measures starting July 1 to make homeownership more accessible for frontline workers and younger Jamaicans, Prime Minister Dr Andrew Holness announced Thursday.
The changes include lower mortgage rates for teachers, nurses, firefighters, and members of the security forces. Borrowers with five to ten years of service will see their interest rates drop by 1%, while those with over ten years of service will receive a 2% reduction.
Young buyers under 35 will benefit from a bigger share of homes under the NHT schemes, with a minimum of 20% of units reserved for them—double the previous allocation. The NHT will also provide advances of up to $2 million to help with down payments on open-market properties.
In addition, the Home Improvement Loan program will now be more accessible, with the waiting period reduced from seven years to five. This allows homeowners to more quickly access funds for home maintenance, security upgrades, green energy improvements, and property expansions.
Prime Minister Holness said these initiatives are part of fulfilling promises made ahead of last year’s general election, supporting essential workers, and creating more opportunities for young Jamaicans to enter the housing market.
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