Prime Minister Andrew Holness yesterday (Tues) announced plans by the National Housing Trust NHT to increase the limit for loans by $1 million, raise the ceiling for construction loans, while reducing interest rates for all contributors.

He declared that now was the time for Jamaicans to pursue their dream of home ownership.

Jamaica House confirmed that effective May 1, interest rates for all NHT beneficiaries will decrease by one per cent; the entity’s loan limit will jump by 18 per cent from $5.5 million to $6.5 million; while construction loans will be set at the value of a two-bedroom house in the scheme where the service lot is purchased instead of the difference between the cost of the lot and the NHT loan limit.

Further, Mr. Holness said that the NHT’s minimum income band is to increase from $12,000 per week to $15,000 at the same zero per cent interest rate, “thereby allowing more persons to access the home grant”.