The National Housing Trust (NHT) has made some changes to the rules governing the use of the loan for purchasing another property. The NHT allows persons doing construction or home improvement, but do not have a title for the property being bought, to use another person's title to secure the NHT loan. However, there are certain conditions, which must be met, some of which have been modified as of April 1.

Among the changes are as follows:

The home- or landowner offering his title as the security for the NHT loan should not be more than 65 years old at the time the NHT contributor whom he is allowing to use his title, is applying for the loan. Previously, the homeowner should not have been more than 60 years old.

The property for which the title being used to secure the NHT loan should have a forced sale value, which is equal to or above the NHT loan amount.

Both the property being built or improved with the NHT loan and the property for which the title was used to secure the loan must be insured. The property being used to secure the loan will be insured by the trust and the property on which the house is being built or improved must be insured by the applicant.

A surveyor's identification report will be required for the alternative property at the time the application is being made for the NHT loan.

When the title is available for the property, which the NHT loan was used to build or improve, the mortgagor will have to bear the cost of transferring the mortgage from the title to the property used as alternative security, to the new title for the NHT-funded property.