How to ap­ply for an NHT open mar­ket loan

Jamaica Gleaner - - BUSINESS - Oran Hall Oran A. Hall, prin­ci­pal au­thor of ‘The Hand­book of Per­sonal Fi­nan­cial Plan­ning’, of­fers per­sonal fi­nan­cial plan­ning ad­vice and coun­sel. fin­viser.jm@gmail.com Fran­cis Wade is a man­age­ment con­sul­tant and au­thor. To re­ceive a Sum­mary of Links to

QUES­TION: I would like to know the re­quire­ments for ap­ply­ing for a loan from the Na­tional Hous­ing Trust. I am a sin­gle young lady who would like a small apart­ment for my­self — noth­ing too big and prefer­ably a two-bed­room, one-bath­room in the Mon­tego Bay re­gion. I have been a con­trib­u­tor for quite a while. — Ge­or­gia

FI­NAN­CIAL AD­VISER: It seems that you are in­ter­ested in an open mar­ket loan. If you are a qual­i­fied con­trib­u­tor, you may ap­ply for a Na­tional Hous­ing Trust (NHT) loan, not only to buy, but to build or re­pair or im­prove your home.

To qual­ify for an NHT Loan you must be cur­rently con­tribut­ing to the trust; have made at least 52 weekly con­tri­bu­tions of which 13 must have been made in the last 26 weeks just be­fore the date of your ap­pli­ca­tion; have paid up with in­ter­est any out­stand­ing con­tri­bu­tions due in the last three years; be be­tween the ages of 18 and 65; and be earn­ing an in­come that al­lows you to re­pay the loan.

The open mar­ket loan is one whereby the NHT lends con­trib­u­tors money to buy a house be­ing sold on the open mar­ket by an in­di­vid­ual or agency other than the NHT.

This is a loan for per­sons who do not own a home. Nev­er­the­less, con­trib­u­tors who have pre­vi­ously re­ceived a loan from the NHT may still be able to ac­cess funds to buy their own home through the HOPE Loan prod­uct. Na­tional Hous­ing Trust head­quar­ters at Park Boule­vard, New Kingston.

Through the open mar­ket loan you can bor­row as a sin­gle ap­pli­cant or you may co-ap­ply with one other qual­i­fied NHT con­trib­u­tor to ac­cess a higher loan limit to pur­chase a house. If you need — and can af­ford — to bor­row more money, you may seek ad­di­tional funds from an­other lend­ing in­sti­tu­tion that is will­ing to en­ter into a joint fi­nance mort­gage with the NHT.

Be­fore ap­ply­ing for the open mar­ket loan, you should en­sure that you meet the min­i­mum re­quire­ments. To know if you

do, you should an­swer the fol­low­ing ques­tions:

Have you iden­ti­fied the house that you wish to buy?

Have you agreed on a price with the seller and drawn up a for­mal sale agree­ment?

Is the Reg­is­tered Cer­tifi­cate of Ti­tle for the prop­erty avail­able?

Have you made at least a 5 per cent de­posit on the prop­erty? Do you earn an in­come that al­lows you to re­pay the loan?

Are you now con­tribut­ing to the NHT?

IIIIIHave 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 three years?

Are you be­tween the age of 18 and 65 years?

If you an­swer yes to all of the ques­tions above, you will have met the min­i­mum re­quire­ments for ap­ply­ing. Your next step is to con­tact the NHT of­fice near­est

IIIto you for a list of the doc­u­ments that you will need for your loan in­ter­view.

Once you have all the re­quired doc­u­ments and in­for­ma­tion, you should call and sched­ule an ap­point­ment with the NHT for your loan in­ter­view.

You must have present at the in­ter­view the de­posit re­ceipt, sales agree­ment, a copy of the reg­is­tered ti­tle, the sur­veyor’s iden­ti­fi­ca­tion re­port, and the val­u­a­tion re­port.

Note, how­ever, that the NHT will not award an open mar­ket Ex­ec­u­tives who al­ways set time aside to at­tend classes, read books, and re­ceive coach­ing send a pow­er­ful sig­nal. They give peo­ple the green light to seek out sim­i­lar op­por­tu­ni­ties. This doesn’t mean boast­ing about their three-week trip to Cam­bridge to do an ex­pen­sive, Har­vard pro­gramme. In­stead, it’s more like send­ing an email ask­ing em­ploy­ees to join them in a Cours­era pro­gramme for which they’ve just signed up. In his speech at a con­fer­ence loan for a prop­erty with a Com­mon Law Ti­tle or a Fa­cil­i­ties for Ti­tles Act (FTA) ti­tle – which is an in­terim doc­u­ment is­sued by the Ti­tles Of­fice while it pre­pares the reg­is­tered ti­tle – as both are un­reg­is­tered ti­tles.

Iin Bar­ba­dos, Jack Welch of GE fame men­tioned that in the US, new, young mem­bers of staff are “cel­e­brated”. I can tes­tify to the truth of his as­ser­tion. As a young em­ployee in a New Jersey-based AT&T fa­cil­ity, it was as­sumed that I had ex­po­sure to more new think­ing than any­one else.

To­day, it’s truer than ever. The gap in knowl­edge be­tween a top ex­ec­u­tive and an en­trylevel em­ployee has shrunk due to mo­bile, In­ter­net ac­cess. Now, in the mid­dle of a speech, a CEO can ex­pect to be factchecked in real-time by a young­ster who will spread the dis­crep­ancy be­tween fact and fic­tion to 20 other em­ploy­ees be­fore the speech is over.

It’s very dif­fer­ent from the era when the CEO was a young en­trant. Back then, the idea of an ex­ec­u­tive sit­ting in the same class as a new em­ployee was un­heard of. But this can be far more than just a nice ges­ture.

As I men­tioned in my last ar­ti­cle, CEOs who fail to ac­tively en­gage mil­len­ni­als are doomed to bore them into dis­en­gage­ment. And no, they don’t need to be­come video-gamers to catch their at­ten­tion. In­stead, they can cre­ate shared learn­ing op­por­tu­ni­ties within com­pany class­rooms, both on­line and off. Do it well, and video-gam­ing pales in com­par­i­son. Learn­ing about real stuff, the things that really mat­ter to live peo­ple, is far more in­ter­est­ing.

Ex­ec­u­tives who do their learn­ing in pri­vate de­prive their em­ploy­ees of an op­por­tu­nity to adopt a re­spon­sive mind­set. Even­tu­ally, the bottomline suf­fers. The worst Ja­maican firms are those who refuse to learn any­thing from any­one, let alone lowly cus­tomers or em­ploy­ees. CEOs can re­verse this ten­dency by openly show­ing that they are the most ea­ger learn­ers, not the least.

I

PER­SONAL FI­NAN­CIAL AD­VI­SOR

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