Building Expo: Banks approve hundreds of mortgages

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Banks have approved hundreds of mortgages from applications submitted at the recent International Building Expo.

Minister within the Housing and Water Ministry Susan Rodrigues Thursday said the New Building Society (NBS) bank approved 302 mortgages, amounting to over $2 billion. Further, she said the Guyana Bank for Trade and Industry (GBTI) has approved 145 mortgages amounting to over $1.7 billion.

The minister said the banks have realised that by providing easier access to finances for persons, they are removing barriers that keep persons from owning their own home.

“Look at how many Guyanese are on their way to home ownership.

“…they are approaching the banks and taking advantage of the investment climate,” she said.

GBTI booth at Building Expo 2022 (Photo:News Room/ July 23, 2022)

She noted that the interest on low-income mortgages is as low as 3.8 per cent.

She added that the ministry supports the banks and lauded the easy approach that banks have created for persons to get financial assistance.

“The banks have done a tremendous job revamping their own customer service,” she said, noting that the banks have traditionally been “intimidating” for some persons.

“Now the banks are coming to you. The banks are on the ground meeting people and providing the opportunities for you to access financing so that you can own your own home,” Rodrigues said.

Minister within the Ministry of Housing and Water Susan Rodrigues

She said that proper policies had to be put in place to create a good investment climate and the banks have created these policies.

Rodrigues said this is the best time to own a home because the banks are working along with the ministry to provide this with ease.

“It is a partnership that we are investing, it is a collaboration and we are doing all of this for the benefit of our people,” the minister said.

She added: “The banks are reaching out and the ministry is there to support the banks and to support you in ensuring that you get into your home as fast as possible.”

Meanwhile the Housing Minister said that 15,000 house lots were allocated since the PPP/C administration took office in 2022.

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