Guyana local banks approved almost 450 mortgages since building expo 2022

Guyana local banks were commended on Thursday for their efforts to approve mortgages for applicants at the Building Expo which was held back in July by Junior Housing and Water Minister, Susan Rodrigues.

The minister stressed that government is collaborating with banks to foster growth and development in the housing sector.

Rodrigues was the time speaking at the launch of Steel Buildings Guyana Inc’s pre fab homes under the umbrella of Hits and Jams, in Queenstown, Georgetown.

It was noted that the minister singled out the National Building Society (NBS) for pre-qualifying over 500 persons. It was said that the financial institution has already approved 302 mortgages from July to date, amounting to over $2B.

Meanwhile, the Guyana Bank for Trade and Industry (GBTI) has approved 145 mortgages to the tune of $1.7B.

“Look at how many Guyanese are on their way to ownership. These are the facts. This is not just us speaking about delivering housing or delivering house lots or home ownership to people. These are actual figures from the banks,” she said.

The minister noted further that Guyanese ‘have the confidence of the economy’ and are taking advantage of the investment climate since banks have lowered their interest rates significantly.

Rodrigues encouraged persons to take advantage of the banks’ low interest rates which will allow more people to own their homes.

“Now, you can access a low-income mortgage for as low as 3.8 per cent. It has never been that low before,” she stressed 

Minister Rodrigues praised the investments and partnership between the banks, ministry, and Guyanese to develop the housing sector.

“The bank is with the government on the ground to meet the people and providing the opportunities for you to access financing. So that you could own your own home. So, it is a partnership that we are investing in,” Rodrigues added.

Housing and Water Minister, Collin Croal, in making brief remarks stressed that the government has allocated 15,000 house lots so far. Importantly, he said that part of the ministry’s micro plan for the next five years is not only to allocate lands but to provide affordable homeownership.

Croal said the housing sector needs support, investment, and partnerships to thrive. “As a necessity, we need partners which will obviously be part of the drive for innovations to ensure that we have growth and we will also help the tourism sector,” he said.

The housing minister alluded to the International Building Expo which has shown ‘new and exciting developments’. He said the expo provided the opportunity to engage existing, upcoming, and new stakeholders. Croal pointed out that everyone should take advantage of the opportunities to enhance the housing sector.

Importantly, Rodrigues emphasised on the employment that Hits and Jams’ housing project will create for Guyanese.

Culture, Youth, and Sports Minister, Charles Ramson; Technical Engineer of Light Gauge Guyana, Nicholas Belle; Staff from Citizens’ Bank; and Deputy Director of the Guyana Tourism Authority, Kamrul Baksh also attended the launch.