Explaining that it wants to make home ownership easier for Guyanese, the New Building Society, (NBS) today announced that it will further reduce its mortgage interest rate with effect from the 1st September.
Borrowers for loans from $ 1 million to $4 million will now pay 3.5% interest instead of 4% interest while those borrowing from $4 million to $9 million will pay 3.75% instead of 5.95% and the middle- high income borrowers from $9 million to $20 million will repay at an interest of 5.7% instead of 5.95%
With the further reduction in interest rates, the NBS said it now prides itself as the lending institution with one of the lowest mortgage interest rates in the country.
NBS said it also intends to change the interest calculation to that of reducing the monthly balance upon the payment of every monthly sum due and payable. That new measure should take effect from the 1st January, 2023.
“Additionally, we will, as was recently announced by the President, extend our reach to Region 9 in which we will be initially providing loans to 300 borrowers at $2M per mortgagor at the rate of 3.50%. We have given the commitment to the Government to release a substantial sum of our cash resources, of approximately20 billion dollars, for housing development in our country and we are willing to participate in the furtherance of aggressive housing drives which we have seen the Government has embarked upon,” the NBS said today.
With the drop of the interest rates, NBS pointed some 9,634 mortgage holders will benefit from a reduction in their installments for 2022 and the reduction will continue for the duration of the loan period.
“The Society wants to make housing loans not only affordable but also easily accessible to every Guyanese holder of house lots. So, they need not hesitate or they need not have any fear over repayment affordability, since the repayment in most instances is cheaper than having to rent properties. In these circumstances, therefore, we urge all Guyanese who are owners of vacant lots with Titles or Transport to visit any of our offices to be facilitated with a mortgage with ease,´NBS promised.
In addition, NBS boasted that once a person has a house lot, either in the form of transport or title, and an approved plan, the loan requested, based on its assessment, will be approved almost immediately.