A total of 600 residents of Region Nine (Upper Takutu- Upper Essequibo) will get $1 million each from the government as part of plans to push housing development in the region, President Dr. Irfaan Ali announced on Friday.
The Head of State is on a three-day visit to the region. During his first engagement with residents in Lethem, Dr. Ali said that the government will inject $600 million into the region.
This sum is specifically for the 600 residents who have been allocated house lots and are expected to start constructing their houses.
The President explained that the low-income houses in this region generally cost about $3 million. And so, the government will provide one-third of that sum – $1 million – directly to the homebuilders.
Beyond that disbursement, however, the President announced further relief.
According to him, two commercial banks: the Guyana Bank for Trade and Industry (GBTI) and the New Building Society (NBS), have agreed to finance the remaining $2 million for the house at an interest rate of 3.5 per cent.
This is the lowest interest rate in the country, and the homebuilders will be eligible for the loans without providing any collateral or a job letter.
“So, you get the $600 million from us (and) you will get the reminder financed and the repayment will be just about 14,000 per month,” President Ali told dozens of residents.
Importantly, too, President Ali told the residents that they will benefit from the free cement and steel initiative announced at the recently concluded International Building expo 2022.
For homes that cost $6 million or less, every builder will get the steel needed for construction and one sling of cement.
For every home that costs more than $6 million and up to $25 million, the government will provide two slings of cement.
Altogether, he said that these measures are expected to boost homebuilding in the region.
Merlina Albert, a resident of Lethem, is one allottee who will be benefiting from the government’s intervention. According to her, building a house in Lethem is quite expensive and as such, these measures are a welcomed relief.
