New mortgage relief to bring about new investment in Housing Sector for citizens – Min. Collin Croal

Minister of Housing and Water, Hon. Collin Croal says that there is a policy measure that will see an increase in low interest rate ceiling moving from $8 million to $10 million, primarily, driven by the New Building Society (NBS).

“This initiative will bring the mortgage borrower to $100,000 annually due to increase of the low interest ceiling and this way, home owners can look forward to a lot of benefits, since the new administration will be seeking to build capacity at the Ministry to effectively serve the citizens of Guyana” Minister Croal said..

Further, Minister Croal, who was at the time speaking on the NCN programme “Budget 2020”, also informed that Minister within the Ministry, Hon. Susan Rodrigues, is spearheading a team tasked with screening active and inactive applicants, as the ministry works to clear of the backlog of applications.

He also explained the reason for moving the required age for applicants from 18 to 21 years old.

“We met the Banking Association last week and this was pointed out that an 18-year-old going to the bank to seek a mortgage, the requirements in all practicalities, it is impossible for them to get a mortgage because of the collateral, their employment history, at that age persons are now starting their life, fresh into the working world,” Minister Croal stated.

The Housing Minister reiterated the new administration’s commitment to clearing the backlogs, reviewing all possible avenues.

Additionally, the Minister stated that through an engagement with the President, it was determined that the Ministry of Housing and Water has outgrown itself, and is presently cramped for space.

“We will be looking for a new head office and that is because of the work involved, the expansiveness of the Housing and Water Ministry itself, we want to ensure to give that opportunity to every eligible citizen, that once they qualify, they will have home ownership,” he said.

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