Public sector contributors to the National Housing Trust (NHT) have come out the big winners from the 2013/2014 budget delivered by Prime Minister Portia Simpson Miller on Tuesday.
She announced, that public sector workers, who received a one percent interest rate reduction to the end of last month, will have the benefit extended for another two years to March 31, 2015.
Simpson Miller also announced, that effective January 1, 2014, public sector employees with NHT mortgages, will be eligible for contribution refunds during the four year period 2014 to 2017.
“Previously it was the NHT’s policy that contribution refunds due to mortgagors are automatically applied as payments to the mortgage in January of the year when the refund is to be paid. This restriction will be removed for all public sector workers during the next four years. Starting January 1, 2014, Public Sector workers can opt to apply for the contribution refunds due for the year 2006.”
She also announced that starting September one this year, public sector workers will be given a fifteen percent discount on peril insurance
premiums.
“They will also continue to benefit from a 15% discount below NHT standard insurance rates for the period through to March 31, 2017.
This will change the previous arrangement where there would be a rebate payment in December each year,” she said.
Workers who are not in the public sector will not see an increase in their peril insurance rates for the current year of coverage, which started on April 1, and ends March 31 ,2014.
It was also announced that the NHT will be increase the loan limits on serviced lots in NHT schemes from J$1.5 million to J$ 2.5 million.
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