Your Financial Obligations

Mortgage Payment

Your first mortgage payment is due the 1st day of the second month after receiving your house or lot. This first payment must be made over the counter at an NHT office.

Make your mortgage payment on time and in full every month. The most convenient and efficient way to do this is by salary deduction. However, if your employer does not allow for payment by this method, a standing order with your bank or credit union is the next best option.

If you pay over the counter, at the bank or at the NHT, remember your mortgage payment is due on the 1st day of each month. You

are encouraged to pay in advance if the 1st is a public holiday or on the weekend. If you find yourself with extra funds, try to make advance payments. These payments are helpful, should you have financial challenges in the future.

Other Payment Methods:

NHT Online or via the NHT App, using a credit card Telephone banking, via NCB Telemidas or BNS Telescotia Bill Express

Insurance

Life Insurance

Life insurance premium is included in your monthly mortgage payment. This insurance covers the current value of the loan. Therefore, if you or your co-applicant dies, the insurance will settle any amount that is outstanding on the loan.

Peril Insurance

Your monthly mortgage payment includes a peril insurance premium. This insures the property against perils such as fire, flood and earthquakes. Visit the NHT website at www.nht.gov.jm for the full list of perils insured. To ensure full coverage at all times, the sum insured and your premium may increase annually.

If you expand or otherwise improve your house, you should provide the NHT with a new valuation report so that the insurance coverage can be increased to reflect the improved value. If you do not advise the NHT of the full replacement value, your property will be underinsured. This means that in the event of a total loss, your insurance payment will not be sufficient to rebuild your house.

If you received a loan to buy a house lot or serviced lot only, you are not required to pay peril insurance.

Claiming insurance

Life Insurance Claims

Persons with proven interest in the house, whether by way of bequest in a will, joint ownership or relationship to the deceased, may make a life insurance claim if:

A mortgagor dies

A mortgagor is missing for more than seven years and efforts to find him/her have proven futile.

Family members should immediately advise the NHT of the death of a mortgagor. They should:

Complete a death claim form, available at nht.gov.jm or at an NHT office.

Submit the form at any NHT office along with the deceased’s:

death certificate

birth certificate or passport (as proof of age)

marriage certificate, deed poll, or other documentation proving name change, if necessary, and

a medical or police report, if mortgagor died of natural causes.

Claims should be made within three years of the mortgagor’s death. Any claims made after that time, will not be honoured.

If the mortgagor has been missing for more than seven years, the claimant must obtain a court declaration that the mortgagor has died. This declaration should be submitted with the claim form, the missing person’s proof of age (birth certificate or passport) and if necessary, proof of name change (eg. marriage certificate or deed poll).

After submitting the claim, it will take approximately 14 weeks for the loan and any arrears on the account to be settled. The title will then be available for collection. It may be collected in one of the following ways: • If the claimant’s name is noted on the title as a joint tenant along with the deceased, he or she should provide his or her valid identification and the deceased’s death certificate. • If the claimant’s name is noted on the title as a tenant in common along with the deceased, he or she should take along his or her valid identification and the probated will or letters of administration. • If the deceased’s name is the only one appearing on the title, the claimant or authorized agent should submit his or her valid identification and the probated will or letters of administration.

Peril Insurance Claims

If there is damage to your property due to fire, flood, earthquake or any other peril, you should advise the NHT within 45 days of the occurrence. Complete the peril claim form, available at nht.gov.jm or any NHT office. Then submit the completed claim form along with the following to the NHT:

photographs of the damage an estimate of the repairs Proof of identity (passport, driver’s licence or national identification)

Do not dispose of debris from the damage until an assessor visits your house to conduct an examination.

Having submitted your claim, the NHT will inform you of the outcome in approximately 4 weeks. The outcome will either be that: • you will be awarded a settlement, or • your claim is rejected, due to a breach of policy or the damage for which you had made a claim is not covered under the policy.