the New Building Society (NBS) will be increasing its lending limit while ensuring that interest rates remain low, this making home ownership even easier for the population. The President made this announcement during a labour day brunch at State House on Sunday, where he assured workers that under his government, they will continue to benefit from increased wages and other benefits.

“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,” the President said. A few years back, President Ali had revealed that there has been a 41.25 per cent growth in lending for home ownership and house construction from 2020 to 2023. This figure has steadily grown over the years.

One of the measures that has had a positive impact on mortgages has been the mortgage interest relief, which the PPP/C government had increased from 15 million to 30 million. It was announced last year that almost 17,000 home owners have benefitted, with over $2.7 Billion going back into their pockets. Additionally, with the encouragement of the state, several banks have also been implementing promotions aimed at easing the process of home ownership for customers. (I News Guyana)