GBTI’s new savings account will help with saving for house lots – Min. Rodrigues
Minister within the Ministry of Housing and Water, Susan Rodrigues underscored that the Guyana Bank for Trade and Industry’s (GBTI) Home Start Advantage Savings Account provides Guyanese another opportunity to plan their homeownership.
She made the remarks on Friday during the official launch of GBTI’s Home Start Advantage Savings Account at the International Building Expo at the National Stadium at Providence.
The account was designed with a deposit-only feature to encourage consistent saving, ensuring that persons are well-prepared when the time comes to make a payment.
The savings account has several benefits since GBTI is extending a 100 per cent waiver and application fees, a 25 per cent discount on negotiation fees, and up to 100,000 cashback once the loan is approved and disbursed.
Minister Rodrigues explained “There are people who sometimes wait several years for a house lot. And they are always waiting for this call. And then, out of the blue, the call comes and when it comes you have a period to respond to the offer. And many times, people don’t have that down payment within the required time.”
The minister said that this savings account will see Guyanese start saving, keeping them disciplined from the moment they apply for a house lot.
The government has implemented several initiatives to encourage homeownership and provide more affordable for many families. These include the value-added Tax removal on building materials, reduced interest rates, mortgage interest relief, and steel and cement vouchers.
In 2023, the refund from the mortgage interest relief benefitted 5,432 families totalling $812 million, which is a significant saving for homeowners.
This means that more people are accessing financing as the economy continues to grow.
The government, she added, has had tremendous success with some of the local banks.
Minister Rodrigues expressed, “I would like to congratulate you on a fantastic job answering the call by the government over the last four years. The bank has been pioneering since its inception in 1987.”
Meanwhile, Chief Commercial Officer at GBTI Rawattie Priya Mohandeo underscored that the savings account is one of GBTI’s latest innovations in financial services designed to make homeownership more accessible and achievable from the earliest stage.
This savings account is not just another banking product. One of the features of the savings account is the predetermined monthly deposit, which will be calculated in consultation with the bank’s loan officers.
“So this means that whatever amount you have saved, we are going to give you 5 per cent as a cash back on that amount. This account is also designed to help potential homeowners save for legal fees, bank fees, and even the costs for insurance…We are preparing you to gear up for that when that time comes. We understand the journey to homeownership can sometimes feel overwhelming. That is why we have ensured that this account is built with convenience and security in mind,” Mohandeo explained.
The Home-Start Advantage savings account complements the low interest rates that are already available at GBTI.