NHT Extends Cash Refund Option to Private-Sector and Self-Employed Mortgagors

KINGSTON, Jamaica — Homeowners with National Housing Trust (NHT) mortgages who work in the private sector or for themselves can now collect their contribution refunds as cash, after the Trust widened a benefit that until now was reserved for public-sector employees.

The change took effect on July 1. Previously, refunds due to most mortgagors were applied directly to their NHT loan accounts, while public-sector workers had the option of taking the money in hand.

Shara Luke Cooper, the NHT’s administrative manager, said all contributors will now be able to receive refunds directly, as long as their accounts are up to date and not in arrears.

Online applications only

Applications must be made through the NHT website or its mobile app, which is available on Google Play and the Apple App Store. Assistant general manager Dwayne Berbick stressed that there is no paper form. Staff at NHT offices can help people who need assistance downloading or using the app.

Applicants will be asked for personal details, their contribution history and how they want to be paid. Refunds can be deposited directly to a bank account or collected through remittance agencies, an option that applies to contributors both in Jamaica and overseas. Contributors whose 2017 refunds are now due can use the expanded service.

Part of a wider package

The refund change is one of several adjustments the NHT introduced at the start of July, including a reduced service charge for new mortgagors, lower deposit requirements and an expanded Home Grant, alongside higher loan limits that came into force in mid-June.

For mortgagors, the new flexibility is a trade-off worth weighing. Taking a refund in cash can help with school fees, repairs or an emergency, but leaving it on the loan account reduces the outstanding balance and the interest paid over the life of the mortgage. Borrowers who are behind on payments will need to bring their accounts current before they can use the cash option. Jamaicans living abroad who hold NHT mortgages may find the remittance-agency option a convenient way to access funds without travelling home.

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