Nagra Plunkett, Staff Reporter
WESTERN BUREAU:
THE RECENT announcement of an increase in benefits for National Housing Trust (NHT) contributors has received mixed responses.
"I am very excited about this adjustment because it means that now my dreams of having my own home seem more attainable," said 27-year-old Lawrence Robinson, bank examiner at the Bank of Jamaica (BOJ).
Effective April 1, the benefits for loans to be used in the open market and build-on-own-land housing programmes, will move from $1.5 million to $3 million per applicant and up to $6 million for co-applicants.
SERVICE LOTS AND HOUSE LOTS
Prime Minister P.J. Patterson, who made the announcement on Wednesday, explained that the loan limit for service lots and house lots will move from $600,000 to $1 million.
For co-applicants, it will move from $800,000 to $1.6 million. This is the second time in less than a year that the NHT benefits have been increased.
According to Mr. Lawrence, the previous figure was unrealistic, as he could not get a house for less than $2 million.
"The new amount seems more realistic given the condition of the market for houses," he noted, adding that when he combined his salary and that of his wife - a chartered accountant - they could safely afford the $6 million loan.
But for bookstore manager Yesena Saunders, a resident of Montego Bay, her income will not accommodate the full loan amount.
The 26-year-old who shares a common-law union with her 25-year-old fiancé, has calculated that she will be eligible for at least $2 million.
"I believe you have to be taking home $70,000 to get the $3 million. Nonetheless, it will be beneficial for those on the upper end of the salary scale," Miss Saunders said.
HIGH HOPES
"My spouse was not working for a while, but in the coming weeks he will start work as a tour transportation provider.
Hopefully in the future we can acquire the necessary funds to do what we want to as there are some affordable housing developments in this side of the island," she explained.
The new NHT benefits will also see the loan limit for home improvement for the single applicant increase from $600,000 to $1 million.
For Corporal Peter Salkey, who has benefited from the trust, this is a welcome move based on the fact that prices of building materials are rising daily.
"I endorse this increase and hope that now the Government will work on improving salaries, so that persons can be able to access mortgages and still be able to provide for the needs of themselves and their family."
