President Dr Irfaan Ali announced that the government is engaging the New Building Society (NBS) so that the mortgage ceiling can be increased to $30 million with a low interest rate.
The current NBS mortgage ceiling is $20 million. NBS is mandated to provide affordable mortgages to Guyanese and gets support from the government.
The written request was made by Finance Minister, Dr Ashni Singh, on Sunday morning.
“At 9:45 am, I instructed the Minister of Finance to write to the NBS and to increase their loan limit to $30 million with the guarantee that their interest rate on loans $30 million and below for housing will be 5 per cent maximum,” President Ali announced on Sunday.
He was at the time addressing persons gathered at a Labour Day brunch hosted on the lawns of State House in Georgetown.
President Ali’s announcement comes as he assured citizens that the People’s Progressive Party Civic (PPP/C) will ensure that home ownership is easier.
Additionally, President Ali outlined the government’s plan to make loans for small and medium-sized businesses more easily accessible with concessional interest rates.
In doing this, he said a special developmental agency that will give SMEs and every family the opportunity to get business loans at concessional rates will be created.
“We are going to invest to ensure the participation of every Guyanese in building a prosperous and united country,” he said.
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