Managing Director of Jamaica National Bank, Curtis Martin says new National Housing Trust, NHT, applicants will be saving up to $70-thousand yearly with the expected reductions in loans.

Come April 1, prospective home owners who wish to purchase homes through the NHT will see a reduction of one percentage point.

The interest rate on all existing NHT loans will also be cut by half a percentage point.

Prime Minister Andrew Holness made the announcements while making his contribution to the 2020/2021 budget debate last week.

Mr. Martin says the reductions will make up to $600-thousand more accessible to first time loan applicants.

Curtis Martin, Managing Director of Jamaica National Bank.

Meanwhile, President of the Developers Association, Michael Lake says the announced measures create room for existing home owners to repay their loans in a shorter period of time.

President of the Developers Association, Michael Lake.  

They were speaking recently on Nationwide.