NBS maximum mortgage now GY$30 million- Pres Ali

Last Updated on Sunday, 18 May 2025, 23:18 by Writer

President Irfaan Ali on Sunday announced that New Building Society (NBS) was now authorised to provide loans for housing construction to a maximum of GY$30 million with a maximum interest rate of five percent.

“I instructed the Minister of Finance to write to the New Building Society and to increase their loan limit to GY$30 million with a guarantee that their interest rate on loans GY$30 million and below for housing will be five percent maximum,” he said.

He announced the new stipulations during remarks at a post-Labour Day brunch held on the lawns of State House.

Before Sunday’s announcement, according to the NBS website, the maximum mortgage that was being provided was GY$20 million and the interest rate was 5.7 percent.

NBS said its other rates on mortgages are set as low as 3.50 percent.

Meanwhile, the President also promised that government would be making loans for small and medium-sized businesses “more easily accessible with concessional interest rates.”

He also pledged that government would establish a financial institution for small businesses.

“We will create a special development agency that would give SMEs (small and medium-sized enterprises) and every Guyanese family the opportunity to get business loans at concessional rates under a special window that will be created,” he said.

Representatives of the Guyana Agricultural and General Workers Union, Guyana Labour Union, Guyana Public Service Union and the National Association of Agricultural Commercial and Industrial Employees attended the post-Labour Day brunch.

Also in attendance were several government ministers, senior government officials and members of the diplomatic corps.