Delroy Scarlett, chief of retail sales at JN Bank, has acknowledged that there is a high demand for affordable housing solutions and points to the opportunities for private lenders in housing finance through the National Housing Trust (NHT’s) External Financing Mortgage Programme, (EEMP), describing it as a positive move for the country.

Under the EEMP, contributors can apply for the full range of their NHT benefits through a wider pool of financial institutions, ranging from banks, credit unions and building societies. The EFMP was introduced in 2023 to replace the Joint Financing Mortgage Programme.

Scarlett pointed out that the EFMP provides an avenue to homeownership, which is a key driver of economic development. “Housing plays an important role in the growth of families and communities and I anticipate that the EFMP will facilitate economic transformation, creating more opportunities for people to achieve financial freedom,” he said.

He noted that the programme underscores NHT’s commitment to providing housing solutions to Jamaica and that the partnership with the financial sector shows the dedication to meet the increasing demand for housing solutions. He also highlighted that the important part of the programme is the NHT rate is still available, even though the mortgage is underwritten by a private financial entity. This allows contributors to benefit from the same rates as if they received their mortgage directly from the NHT.

“The EFMP opens the mortgage market, giving customers more options for accessing their NHT loan when buying a house or land on the open market. Of note is that the mortgagor will not be negatively impacted, as the interest payment on the NHT’s portion of the loan will be the same as if he/she were to access funds directly from the NHT,” Scarlett stressed.

The EFMP was designed to optimise loan processing and accessibility at the NHT. Scarlett said the programme is also expected to improve the ease of doing business for customers who are likely to utilise institutions familiar to them.

Scarlett explained that persons wishing to access their NHT benefit for a mortgage should register on NHT’s online portal. From that portal, the applicant will also send the eligibility information to their preferred financial partner to facilitate the mortgage application process.

Contributors earning less than J$30,000 per week, will still access their mortgages directly from the NHT and contributors than earn more than that, must access their mortgages through EFMP for their NHT benefits and the additional financing available through their financial partners.

“With the EFMP we are giving more persons the opportunity to become homeowners and the process is easy and seamless. Additionally, customers are exposed to several other solutions that we provide such as personal loans, line of credit, credit card and insurance, all of which may come in handy at some point along the road to homeownership” Scarlett said.