NHT urges Jamaicans to prioritise homeownership
Published:Friday | September 6, 2024 | 5:43 PM
Assistant General Manager of Corporate Communications and Public Affairs at the National Housing Trust (NHT), Dwayne Berbick, has urged Jamaicans to prioritise homeownership as a key strategy for wealth creation.
Speaking at a recent Build Wealth Conference at the AC Marriott Hotel in Kingston, Berbick stressed that individuals should not postpone their purchase, in pursuit of a dream home.
“The key to building wealth through real estate is starting as early as possible. Property appreciates rapidly in Jamaica. Do not pass up on viable opportunities in the hopes of one day purchasing that dream home. Start small and start where you can, because the longer you wait, the more challenging and costly it may be to enter the market,” he advised.
Berbick also reinforced that the NHT is enhancing housing accessibility through several new initiatives, aimed at expanding opportunities for young adults.
Among the most notable is the recent policy shift that ensures at least 10 per cent of housing solutions in the NHT's current housing plan are reserved for contributors under 35.
Additionally, the introduction of the HomeStarter Programme allows contributors to purchase one-bedroom starter apartments, with an option to sell back to the NHT within 15 years.
This flexibility provides a pathway for individuals to access new loans for subsequent property purchases. Current developments under this programme include projects in Vineyard Town and Howard Avenue, St Andrew, with plans for additional houses in Barracks Road, St James.
The Assistant General Manager assured that the NHT remains committed to serving its diverse contributor base.
“We understand that a house is more than four walls and a roof, it's an opportunity to transform your life and that of your family. It is for that reason that the NHT maintains the lowest rate on the market,” Berbick explained.
He pointed out that approximately 70 per cent of NHT contributors access their mortgage at the zero per cent interest rate, and those who have accessed a mortgage at the Trust's highest rate of five per cent are still well below the average market rate.
“Real estate is one of the best investment decisions an individual can make in their lifetime, and the NHT makes it possible,” Berbick said.
The NHT is also prioritising the construction of affordable housing. Initiatives like the External Mortgage Finance Programme (EMFP), which was introduced in 2023, leverage the power of financial institutions to enhance the supply of NHT mortgages, and free up funds for reinvestment in the development of additional housing solutions.
- JIS News
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