First batch of Silica City home applicants to obtain pre-qualification loans approval from banks

Applications from individuals seeking homes in Silica City, located in Kuru Kururu along the Soesdyke/Linden Highway, have been sent to various banks for pre-qualification loans.

On Tuesday Minister of Housing and Water, Collin Croal, explained that only the banks can determine applicants’ eligibility for these houses.

The minister provided the update during an inspection of the new La Bonne Intention Housing Scheme, along the East Coast of Demerara.

He clarified that the criteria for applicants are consistent with those of the turn-key housing programme.

“You have to be eligible for an allocation. And it depends on how you are able to pay [for the houses], whether it is from the bank or cash. If it is from the bank then we have to send you for pre-qualification,” Minister Croal explained.

Once the pre-qualifications are returned to the ministry, the allocation process will commence.

The minister noted that he is uncertain how many applicants will be approved by the banks.

Construction for 74 out of the first 110  young professional homes began in June this year at a cost of approximately $3 billion.

The flat houses are priced between $25,200,603 and $25,290,178, while the elevated ones cost approximately $33,980,153 to $34,450,145.

Additionally, infrastructure works for roads and proper irrigation systems in Silica City are currently underway.

Silica City, the brainchild of President Dr Mohamed Irfaan Ali, will be the first modern eco-friendly city in Guyana.

This new housing development aims to mitigate the challenges of non-coastal urban settlements and address climate change and rising sea levels. As such, it is regarded as a sustainable city that aligns with the country’s Low Carbon Development Strategy (LCDS).