In a landmark move aimed at making home ownership more accessible for Guyanese families, President Dr. Irfaan Ali has announced that the New Building Society (NBS) will soon raise its mortgage loan limit to $30 million, with a maximum interest rate of 5% for loans within that range.
The announcement was made during a Labour Day brunch at State House, where President Ali addressed workers and reaffirmed his administration’s commitment to improving living standards. He revealed that he had instructed the Minister of Finance to formally request the NBS to increase its loan ceiling and cap the interest rate, ensuring that more citizens can access affordable financing for home construction and purchase.
“This is not just about building homes, it’s about building families, building communities, and building a stronger Guyana,†President Ali stated, emphasizing the government’s focus on inclusive economic growth and tangible benefits for all citizens.
The current NBS mortgage ceiling stands at $20 million. The proposed increase to $30 million, coupled with the capped interest rate, is expected to significantly ease the path to home ownership, especially for middle-income families. The move follows a series of government initiatives that have already seen thousands of homeowners benefit from increased mortgage relief and lower borrowing costs.
President Ali highlighted the impressive growth in lending for home ownership and house construction, noting a 41.25% increase from 2020 to 2023. He also pointed to the positive impact of previous policy changes, such as raising the mortgage interest relief threshold, which has returned billions of dollars to homeowners and stimulated the housing sector.
The President further outlined plans to make business loans more accessible for small and medium-sized enterprises (SMEs), with the creation of a special developmental agency to offer concessional rates and broader financial support.
This latest housing finance initiative is part of the administration’s broader strategy to ensure every Guyanese family has the opportunity to participate in the nation’s ongoing economic transformation, fueled by rapid growth in key sectors like oil and gas.
The NBS is expected to implement the new loan limit and interest rate cap in the coming weeks, pending formal approval. The government’s move has been widely welcomed by prospective homeowners and industry stakeholders, who see it as a timely intervention to support Guyana’s expanding middle class and growing housing needs.
