You’ve seriously been thinking about purchasing a home lately but are you aware of how to get the process started? Most notably, did you know that one of the most important first steps in becoming a homeowner is getting prequalified by the National Housing Trust for a loan?

For starters, prequalification for a NHT loan requires that you’ve never received a loan from the institution and that you’re currently an employed/ self-employed contributor between the ages of 18 and 65, not earning less than the minimum wage. You must also have at least 52 weekly contributions, 13 of which were made during the last 26 weeks.

If you meet these criteria, to officially get the process off the ground, you’ll be asked to attend an interview with a NHT representative. In the event that you reside outside of Jamaica and will be unable to attend this interview, a recorded Power of Attorney must be submitted. All queries and issues that need to be discussed will be addressed during the interview after which you will be contacted within five working days and given an actual loan interview date.

The following documents are essential for the pre-approval of your loan:

1. N.I.S Card

2. T.R.N card

3. If employed to a company: Verification of Gross income and Contributions letter from past and present employers

4. Last two pay slips from present employer

5. If self-employed: Visit or contact the Compliance Department of the NHT to ensure your contributions are current

6. Proof of age: Certified copy of new Birth Certificate

7. Acceptable means of identification (valid Driver’s License; Passport; National Voter’s registration card)

8. One (1) current passport-sized photograph

9. Certified Marriage Certificate (where applicable)

10. Copy of Registered Title

11. Certificate of Payment of Taxes for property

12. Water bill for the property being purchased

13. Surveyor’s ID Report (should not be more than 1-year-old and must be prepared by a Commissioned land surveyor and obtained by the purchaser/applicant) 

14. Signed Sales Agreement of at least 90 days’ duration with a minimum of 60 days left for completion of transaction from the date of submission of the application

15. Deposit Receipt (a deposit of not less than 5% of the cost of the unit/lot must be made to the vendor’s attorney)

16. Valuation Report (should not be more than 1-year-old and must be prepared by a Certified Valuator and obtained by the purchaser/applicant) A picture of the property and replacement cost must be included.

17. Letter of Commitment from other financial institutions (applicable for applicant (s) who is/are also getting funds from another financial institution)

18. Letter from the National Housing Development Corporation Limited (formally Caribbean Housing Finance Corporation) giving permission to sell unit if a mortgage currently exists with the institution.

19. Structural Engineer’s Report- from a certified Structural engineer (where any part of the house is 40 years and over or there are cracks in the walls or evidence of termite infestation)

20. Statement of Account from Vendors Attorney

21. If purchasing with another person but they aren’t applying for a loan from the NHT, you must present their TRN Card and valid identification only. 

The best time to get prequalified is now! What are you waiting for?

You may visit the NHT’s site: www.nht.gov.jm for further information or visit the nearest branch and speak to a customer service representative.