Gov’t implementing financing solutions to make homeownership more accessible

As part of its ambitious housing solutions for Guyanese, the government has strategically designed regulations to make access to financing easy, while providing resources and incentives.

Since assuming office in August 2020, the Dr Mohamed Irfaan Ali–led Administration has engaged experts, investors, and contractors within the public and private sectors, locally and internationally, to execute its plan to revolutionise the industry.

The government has developed an innovative system and several steps were put in place to ensure homeowners obtain the funds needed to build or pay for their homes.

The cooperation and responsiveness of the commercial banks have also improved the housing market, strengthening the government’s already established framework.

Many people are now gaining from the favourable investment climate as a result of the considerably reduced interest rates at banks.

A 3.8 per cent interest rate was established by President Ali for mortgages up to $9 million, among other measures.

Notably, construction materials were also exempt from value-added tax (VAT).

The government’s Home Construction Assistance Programme makes it straightforward for persons to obtain the funds necessary to construct their homes.

Through the Cement and Steel Subsidy programme, steel and one sling of cement needed to build the foundation were provided to homeowners building homes that cost $6 million or less, while two slings of cement are being distributed to builders who spent $6 million to $25 million.

Additionally, 258 home improvement subsidies were distributed while 927 recipients received coupons for steel and cement.