NHC-National Housing Corporation
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House Price($) :
% Down Pmt :
Loan Term : years
Int Rate% : %
Explain Calculations: Show me the calculations and amortization
 
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Loans

The General Workers Housing Loans Fund represents one approach of Government to assist low-income persons to achieve acceptable standards of housing accommodation.
The Fund is subject to the policy guidelines on lending as set out by the National Housing Corporation Act 1973-8 and Regulations and any amendments to the said Act and Regulations.
The operational guidelines and policies are formulated and complemented by the Board of the National Housing Corporation. The Loans Section of the National Housing Corporation carries out the day-to-day operations of the Fund.

TYPES OF SOLUTIONS OFFERED
1. Chattel Mortgage
2. Legal Mortgage
3. Promissory Note

Loans are offered for:
a) New construction and for the enlargement or repair of existing structures.
b) The removal of a chattel house from the land on which it stands to other land;
c) Discharging of a mortgage.

Documents Required for All Purposes
1. Statement of Affairs
2. Job Letter stating occupation, length of employment, wages/salary. (For self-employed persons, financial statements or income tax assessment for the previous two to three years).
3. Last pay slip.
4. Passport sized photograph.

Documents Required for Construction/Completion of a House.
1. Town and Country Development Planning Office's approval
2. Estimate
3. Title Deeds (if applicant owns the land)
4. Landlord's permission (if a tenant).

Purchase of a Timber House
1. Agreement for sale
2. Landlord's permission (if a tenant)
3. Town and Country Development Planning Office's approval (if house is to be re-sited).
4. Proof of ownership

Purchase of Land
1. Agreement for sale
2. Copy of individual lot plan
Note: Purchase Price cannot exceed $30,000.00

Purchase of Property
1. Agreement of sale
2. Copy of individual lot plan

House Repairs
1. Estimate
2. Proof of ownership
3. Landlord's permission (if a tenant)
4. Title Deeds (if owner of land)

House Repairs ($5,000.00 Loan)
1. Last pay slip
2. Estimate
3. Affidavit/Proof of Ownership
4. Affidavit/Landlord

Extensions/Alterations of a House
1. Title Deeds (if applicant owns land)
2. Landlord's permission (if a tenant)
3. Proof of ownership
4. Estimate
5. Town and Country Development Planning Office approval

Resiting
1. Title Deeds (if applicant owns land)
2. Landlord's permission (if a tenant)
3. Proof of ownership
4. Estimate
5. Town and Country Development Planning Office's approval

Discharging a Mortgage
1. Letter from Mortgagee stating purpose of loan, status of repayments, monthly or weekly payments.

LOAN AMOUNTS - Terms and Interest Rates
The General Workers Housing Loans Fund will provide the financing for 100% of the value of the project.
1. Loan Amounts
The minimum loan is one thousand dollars ($1,000.00) and the maximum is one hundred thousand dollars ($100,000.00).
2. Terms
The maximum repayment period is seven (7) years for short-term loans and a maximum of forty (40) years for long-term or up to retirement age. Borrowers may elect to repay the loans over a shorter period of time than is stipulated in the agreed contract.
3. Interest Rates
The current interest rate for loans, under the General Workers Housing Loan Fund is 12% for short-term loans, 9% for long-term loans and 6% for first time home-owners. These rates are subject to change pursuant to amendments of Regulations of the National Housing Corporation Act 1973-8, which establish allowable interest rates.