NHT Interim Finance Programme for Developers in Jamaica
Under the Interim Finance Programme, we will provide Developers with funding for up to 100% of the construction costs for their development at concessionary interest rates. This concession must be reflected in the base selling prices of the housing solutions which will be subject to changes based on certified escalation from the agreed base date. Our construction loan interest rates are:-
- 5% per annum for housing solutions with base selling prices equal to or less than our recommended selling prices or
- 9% per annum for housing solutions with base selling prices exceeding our recommended selling prices.
In submitting an application for the construction loan, Developers must establish the viability of their housing development by providing information to demonstrate its marketability and their ability to finance at least 25% of the total development costs. They must also provide documentation to show that all the infrastructure and housing unit designs have been approved by the relevant statutory agencies and the required permit and licenses for the development issued.
Developers may submit a Preliminary Project Proposal with sufficient details and will receive a response outlining conditions under which the construction loan would be considered. After the response, the Developer is required to submit a detailed project proposal in a single document, based on the Construction Finance for Housing Projects document which provides more detailed information for submitting an application for a construction loan.
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