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Jamaica - Build on Own Land (BOL) Loan

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ProcedureEdit

Apply In-Person

  1. To apply for a Build on Own Land loan, you should visit the National Housing Trust (NHT) office to submit the application if you meet the required criteria outline in the “Instructions” section below. You can view the NHT contact details via this link: Link
  2. If you meet the required criteria, consult with your NHT branch about the required documents need to apply for the loan including the Income and Expenditure Data Sheet, Statutory Declaration of Property Form and a Declaration Form for registered proprietors who are not borrowers
  3. Now fill all the provided forms accordingly and gather all the required supporting documents as advised by the NHT and then contact NHT via a call to schedule for an interview regarding your loan application
  4. Attend the interview on the appointment date and present all the required documents to the NHT officials for verification. Note that all persons whose names appear or will appear on the Registered Title must attend the interview and Persons, whose names are on the Title and are not applying for a loan from NHT, must present their TRN Card and valid identification only.
  5. And if you reside outside Jamaica and unable to attend the interview, you can appoint a proxy who will attend the interview on your behalf a recorded Power of Attorney must be submitted in this case. The appointee (i.e. the person granting power) is required to, at least attend a preliminary interview with a valid identification. Note that the proxy must also submit a current medical examination report to be completed by a medical Doctor. (Forms are available at any NHT Office)
  6. Upon a successful loan interview and NHT determines that you are eligible for the loan, they will process and pay the first part of the loan within three months of the loan interview
  7. Payments are usually made in parts, but NHT aims to pay out the entire loan in 5 payments or less. If you will be able provide NHT with invoices for building materials, they will pay out a part of the funds to start up construction. Further payments are made based on an assessment of the construction work done. Funds may be paid to either your contractor or your supplier or to yourself if you choose to be your own contractor. Contact your assigned NHT Project Officer to find out more about how funds are paid out.


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Required DocumentsEdit

Required forms for all benefit types:

  • Income and Expenditure Data Sheet (to be completed by all loan applicant(s). Justice of the Peace is not required to sign
  • Statutory Declaration of Property Form
  • Declaration Form for registered proprietors who are not borrowers (to be completed by the persons whose names are on title and whose property is being used as security for the loan in the presence of an Attorney-at-Law.


Documents required for ALL loan interviews.

  • N.I.S. Card.
  • T.R.N. Card (for all loan applicants and persons whose names appear or will appear on the title, including persons residing overseas).
  • If employed to a company:
    • Verification of Gross Income and Contributions letter from past and present employers
    • Last two (2) pay slips from present employer.
  • If self-employed: Visit or contact the Compliance Department to ensure your contributions are current.
  • Proof of Age: Certified copy of New Birth Certificate.
  • Acceptable means of Identification (valid Driver’s License; Passport; National Voters Registration Card; or Identification issued by present employer, bearing photograph and identification number with a future expiry date).
  • One (1) current passport-sized photograph (if applying for an Open Market Loan) or Two (2) current passport-sized photographs (if applying for Construction Loan).
  • Certified Marriage Certificate (where applicable). Submit relevant documents in the case of divorce.
  • Copy of Registered Title
  • Certificate of Payment of Taxes for property.
  • Water Bill for the property being purchased.
  • Certificate of payment of peril insurance from Strata/Housing Cooperation (where applicable)
  • Valuation Report (should not be more than one (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). For pari passu only.
  • Letter of Commitment from other financial institution (applicable for applicant(s) who is/are also getting funds from another financial institution).
  • Proof of Ownership (Registered Certificate of Title):Where a Registered Certificate of Title is not available a Common Law Title will be acceptedDeed of Gift, diagram & latest tax receiptPurchase Receipt, diagram & latest tax receipt;Certificate of Compliance (applicable where FTA processing was done).Note: Additionally, applicants without a Registered Title will be required to complete forms under the Facilities of Titles Act (FTA) provided by the NHT along with a Letter of Undertaking from an Attorney-at-Law, indicating that he/she will apply for and provide the NHT with the Registered Title for the property within 3 years,
  • Current Statement of Account from any Mortgage Institution if title is being held by another institution, stating:
    • Volume & Folio numbers of the Title
    • Amount borrowed and balance outstanding
    • Interest rate
    • Current status of account
    • Monthly payment
    • Mortgage term
    • Note: The NHT, in order to secure the title, will settle an existing 1st mortgage with another institution, if the other institutions loan balance is less than House Lot Loan Limit a Statement of Account giving three months to close must be submitted in this case.
  • Approved Building Plan; OR Parish Council Receipt indicating that Plan was submitted. Note: Applicants have the option to use NHTs Plan. When this is done a receipt from the Parish Council will be accepted. (*Conditions apply).


ORIGINAL DOCUMENTS MUST BE SUBMITTED EXCEPT WHERE SPECIFIED. The Loan interview will not be conducted unless all required documents are presented and requirements met.

Office Locations & ContactsEdit

National Housing Trust
Corporate Office:
4 Park Boulevard, Kingston 5
Jamaica W.I.
Tel : (876)929-6500 ,
(876)960-4013-23 ,
(876)929-6627-34
Toll Free numbers:
(for local callers only)
(1-888)-CALL NHT
(1-888)225-5648
(1-888)991-21857
(1-888)991-4249
Email: [email protected]
website: Link

Contact information and NHT branches: Link

EligibilityEdit

  • Be a NHT contributor of between the age of 18 to 65 who owns land which you can build on, or you are in the process of buying the land, or do you have legal permission to build on land owned by someone else who has a Registered Title for the land and you earn income that will allow you to pay for the loan


FeesEdit

Explain the fees structure which is required for obtaining the certificate/document.


ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever


Documents to UseEdit

  • Income and Expenditure Data Sheet: Link



Sample DocumentsEdit

Please attach sample completed documents that would help other people.


Processing TimeEdit

  • The processing time depends on the date you will select for loan interview and once you attend the interview, NHT will process and pay the first loan payment with a month from the date of the interview


Related VideosEdit

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.


InstructionsEdit

Answer these set of questions to determine if you meet the required criteria of the BOL loan application and if your answer is yes to all the question then you can apply for the loan

  • Do you own land on which you can build, OR are you in the process of buying the land, or do you have legal permission to build on land owned by someone else who has a Registered Title for the land?
  • Do you earn an income that allows you to repay the loan?
  • Are you now contributing to the NHT?
  • Have you made at least 52 weekly contributions, 13 of which were made during the last 26 weeks?
  • Are you able to account for your contributions and have paid up, with interest, any outstanding contributions due in the last 3 years?
  • Are you between the age of 18 and 65 years?



Required InformationEdit

  • Names
  • Address
  • Tax Identification number
  • Declaration
  • Income details
  • Date and signature



Need for the DocumentEdit

  • This type of loan assists you to build a house


Information which might helpEdit

  • Application check list: Link



Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.


External LinksEdit



OthersEdit

More information which might help people.


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