There has always been a lot of speculation around attaining a housing or land loan from the NHT (National Housing Trust). A lot of which is merely due to the fact that most of us are misinformed just didn’t seek to get some clarity from the respective authorities or simply ‘have just accepted the usual myths surrounding the NHT’. Whether you are self-employed or employed you can gain access to your NHT Loan once you have met the following requirements explained below.
1. You must be an NHT Contributor:
This might sound simple to some, but there are a lot of people who still don’t understand this simple notion. Contributing to the NHT simply means that a portion valued at 3% as a self-employed person or 2% as an employed person(with your employer contributing a further 3% for you) is deducted from your net income or salary respectively on a quarterly basis for self-employed persons or on a weekly, biweekly or monthly basis for employed persons, and then paid over to the NHT via making payments at the Tax Office for self-employed persons, For employed persons, this is paid over by your employer. It is important to note that this must be done consistently and on time over a 12-18 months period. Sometimes, persons of the employed category end up falling short as their employer was not paying over the deducted amount to the Tax Office, as such it is extremely important for you to check with the NHT or Tax Office to ensure that this is being done.
2. Self-employed Persons must file an SO4/SO4A Return yearly:
Back then, most persons within this category were able to just make payments at the NHT via the submission of a form(s) which details your total revenue and expenses accrued and absorbed over a year. However, this has been changed by the government which now requires all self-employed individuals to submit an SO4/SO4A Return yearly on or before March 15th. This form will outline all income and expenses with your attached or calculated NHT amounts and other contributions or taxes to pay such as NIS, Ed-Tax & Income Tax (For those with a net profit above the threshold). This again must be submitted and paid on time for you to be qualified.
3. Qualified income or salary falls between $15,000 – $25,000 weekly:
To be qualified for the housing loan of $6.5M your salary or net income must fall within the range of or between $15000 – $25000. It is keen to note, however, that you may or can still be qualified for a loan below the stated range if your salary or Net Income falls below. As such, visiting an NHT Office to ask about your qualification range is best to do if you are below the stipulated range.
4. Age may be a deterring factor:
Many people fall short here, as they have been contributing over the years but have still failed to obtain a home due to the fact that their salary or net income might just not be enough to cover mortgage amounts, to qualify for an NHT Scheme house or just simply didn’t see the need to apply then. This is due to the fact also that your mortgage amount is highly dependent on your projected or future lifespan which may fall between 30 – 35 years for repayment. As such, in situations like these, you can seek to join with parents/children/spouse in aid of them using your points and vice versa to purchase the needed home or land. Most people also disregard the fact also that if they are not qualified for the full 6.5M, they can still use the qualifying amount to purchase land and then use the remainder towards building on the said land. This is why it is very important to seek clarity on these issues or requirements.
5. You might be required to JOIN:
The typical NHT Scheme home falls within the range of $8-$15M. Hence, this raises the notion that will or might have to join with your partner or family member to meet the price tag attached to houses of these values. This is why most persons seek to go the land or lot route which involves them using the land loan of $2.5M to purchase land and then use the remaining monies they were qualified for to build.
6. To attain your needed home you must have a DEPOSIT:
Many persons fall short at this stage or requirement as they always begin to scratch their heads when they are made aware of this by the NHT. Many sellers usually require a down payment or deposit of between 5-15% of the value of the house to start the selling process. As such, it is highly important for you to calculate and have this money at hand before starting, and also, if you’re going to use a lawyer, they will require a 5% payment as well. This is why most people try to access an NHT Scheme house instead as you would have met all the necessary requirements, you’ll just need to start making your monthly mortgage payment. However, some persons that fall short in this category can still fill the gap again by either having the necessary cash at hand or seeking assistance from the bank once your eligibility letter is supplied.
Other on-demand documents might be needed which will include:
1. Having a signed agreement between you and the seller.
2. At least three payslips and a job letter if you’re employed.
3. TRN and ID
4. Bank statements/Financial Statements/ Annual Filing for self-employed persons
Also, persons who are going through the bank to gain access to additional funds as stated in requirement five (5) will still be required to have an eligibility letter. Thus, NHT payments again will be of necessity. Hence, let’s ensure that we continue to make our NHT payments on time and stop belittling our goals by accepting all those myths out there.
Other conditions may apply. You can visit the nearest NHT Office for more information.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 | 545-6928 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
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Written by: Kmar Henry [ CEO |BIZcare Consultation & Accounting Firm Limited ]
Edited by: Sheryl Bailey [ Director | BIZcare Consultation & Accounting Firm Limited ]