The National Housing Trust (NHT) has commenced receiving applications for the disaster relief facilities set up to assist contributors affected during the passage of Hurricane Beryl. Applications must be made by September 30, 2024.
The facilities include a special loan arrangement to effect repairs to damaged homes and a grant of up to $300,000. A special moratorium is also available to existing NHT mortgagors who are having difficulties meeting their mortgage payments at this time, as a result of the hurricane.
Special Home Improvement Loan Facility:
Through the special home improvement loan facility, homeowners (to include NHT mortgagors, former NHT mortgagors and non-NHT mortgagors) are able to access a loan amount of up to $1.5 million for home repairs. The loan is being offered with a tenure of up to 15 years or up to age 70 (whichever comes first). The loan can also be used to make disaster-resistant improvements to your home.
To apply, you must be a current NHT contributor between the ages of 18 ' 70 years and your name should also appear on the title of the property, for which the loan is being sought.
The interest rate for the loan facility will be calculated using the NHT's current interest rate bands based on corresponding incomes. Interest rates on these loans therefore will range from zero to five per cent (0%- 5%). The title will be used as collateral for the loan.
Special Disaster Grant:
Meanwhile, the NHT has also made available a special disaster grant to primarily assist low income NHT contributors and mortgagors. The grant, which has a maximum value of $300,000, is to be used to repair damage to homes caused by the recent hurricane.
The grant prioritises low-income contributors who have been impacted by the passage of the hurricane and are not in a position to service a loan at this time. Other contributors who may have the need but due to high levels of commitment cannot service a loan at this time, will be considered on a case-by-case basis.
Moratorium on Mortgage Payments:
The NHT understands the financial strain Hurricane Beryl may have caused on our mortgagors and to provide temporary relief, a Post-Hurricane Beryl Moratorium is being offered to those who may need special mortgage assistance at this time. The moratorium allows for a temporary suspension of all, or part of the required monthly mortgage payments, to assist those who have been negatively impacted by the passage of the hurricane.
The period of the moratorium will be evaluated on a case-by-case basis however, the maximum period will be six (6) months.
Contributors and mortgagors looking to apply for any of the NHT's disaster relief facilities, are being cautioned that only property damage as a result of Hurricane Beryl will be considered.
For more information on the disaster relief facilities, please contact your nearest NHT branch office. Applications may also be made online here: Disaster Relief Facilities.
The NHT also takes this opportunity to encourage existing mortgagors whose properties have been damaged during the passage of Hurricane Beryl to submit their insurance claim by Friday August 16, 2024, at any of our NHT branch offices.
Details on how to submit a peril insurance claim, may be accessed here: Peril Insurance.
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