Make Your NHT Loan Payments Early!
Having received an NHT loan you are now closer to fully owning or improving your home.
Your mortgage payment is due on the 1st day of each month
We encourage you to pay your mortgage in full by the due date to avoid late fees and other penalties as well as additional interest charges. Late fee charges are applied on the 16th of the month.
Your monthly payment is applied to your loan in the following order:
- Fees– e.g. late fees (where applicable)
- Life & Peril Insurance Arrears (where applicable)
- Interest Arrears (where applicable)
- Principal Arrears (where applicable)
- Current Life & Peril Insurance Charges
- Current Interest Charges
- Principal
Changes to your Monthly Mortgage Payment
Your monthly payment is likely to change annually due to changes in your life and/or peril insurance premium.
Your payment can also change due to any of the following reasons:
- There are changes in the interest rate or loan term
- You receive special assistance
- Your loan is rescheduled due to changes in your principal balance
- You receive additional loan disbursements
- Your loans are consolidated
Peril and Life Insurance are included in your monthly mortgage
The primary purpose life insurance is to ensure that, if you pass away while the mortgage is still outstanding, the insurance will pay off the remaining balance of your mortgage. The NHT makes provision for mortgagor’s house to be insured against peril events, such as natural disasters.
Payments can be made in any one of several convenient ways
This is mandatory for employed mortgagors. (Payments are posted with an effective date of the first of the month. As they are recognized as on time, the mortgagor will not incur late fees or additional interest charges.)
This can be done (via cash payments, cheque, credit or debit card) and Service Centres (via cheque, credit or debit card; cash payments are not accepted at our Service Centres)
At your bank or credit union
This can be done (using N.C.B Telemidas or B.N.S. Telescotia)
This can be done via NHT’s website or Mobile App (via credit card)
Paying in Advance
You have the option of paying more than the required mortgage payment monthly or lump-sum payments at any time over the life of the loan while making your scheduled monthly mortgage payments.
If you made a lump-sum payment and want for it to be used to reduce your principal balance, please send an email with the instructions to loanmaintenance@nht.gov.jm, otherwise, the payment will be treated as a pre-payment and you will not benefit from reduced interest charges.
If you regularly pay more than the required monthly mortgage payment and would like the NHT to automatically apply the extra amount to your principal, you may, download and complete the “Increased Mortgage Payment Form” and email it to loanmaintenance@nht.gov.jm or submit the completed form to any our NHT branch offices. The result is that you will settle your loan earlier and pay less interest over the life of the loan.
After making significant extra payments, you may ask for your account to be rescheduled so that you can enjoy a reduced monthly payment or loan term. Eventually, if you continue to make lump-sum or extra payments from time to time along with your scheduled monthly payments, your account will be paid off and your mortgage discharged on your property title earlier than the scheduled matured date.
Non/Late Payment
30 Days
If you are in arrears for 30 days or more, you may be sent a notice asking you to pay no later than 15 days from the date the notice was sent.
60 Days
If you are in arrears for 60 days or more, you may be sent a second notice requiring you to respond by a specific time. The notice may include a pre-outsourcing notice for possible referral to an External Debt Collector.
90 Days
If your account remains in arrears for 90 days or more, the NHT may recover the outstanding amount through external debt collection services, by public auction, Private Treaty sale or by other legal means.
Unable to maintain your monthly mortgage payments?
We understand that mortgagors may face unforeseen circumstances over the life of the loan. In these cases, the Trust is prepared to offer assistance to affected mortgagors through various loan modification/forbearance options.
If you lose your job, suffer ill-health or face any situation that affects your ability to repay your loan, you may apply for special assistance. Your application will be evaluated and a decision made accordingly.
Loan Payments
Loans FAQs
If you don't see an answer to your question, you can send us an email.
No, payments must be made at the NHT cashier or to the external attorney who is handling the case on NHT's behalf.
