Citizens Bank launches “My Time Home Mortgage” with low interest rates

Citizens Bank Guyana has launched its “My Time Home Mortgage” promotion 2023, giving Guyanese a chance to own their own homes at affordable rates.
This promotion will be valid until October 31, 2023, aimed at building on the success of last year’s promotion as the bank is committed to continuing its ongoing partnership with the Government in assisting the public in realising their lifelong dream of homeownership.
According to the bank, this year will be “bigger and better”, and monthly payments will be as low as $33,320, making homeownership even more affordable. Some of the terms and conditions include interest rates as low as 3.5 per cent, reduced loan fees and insurance premiums, and a maximum of 30 years to repay.
“Last year, lucky customers shared a total of $2 million in cash prizes. This year, we wanted to make the winnings more attractive, hence the cash prize was increased to a total of $5 million,” the bank said on Monday.
Individuals can gain additional information and apply at www.citizensbankgy.com or any of the six branches.
Government has said that Guyana has one of the lowest mortgage interest rates in the Caribbean and the wider world. Collaboration and responsiveness of the commercial banks have also contributed to improvements in the housing sector has also been observed.
Last year, Government had reduced the interest rates for mortgages to make access to homeownership more affordable for Guyanese. Many people took advantage of the investment climate since banks lowered their interest rates.
In fact, the Ali-led Administration was able to negotiate with three commercial banks and the New Building Society (NBS) to allow soldiers to repay at an interest rate of 3.5 per cent for loans below $4 million and an interest rate of 3.75 per cent for loans below $8 million.
During Building Expo 2022, President Ali had announced that commercial banks had agreed that there would be no percentage requirement for loans under $6 million once persons qualify under the joint window system. Banks also agreed that the interest rates would be reduced for housing loans under $9 million to 3.8 per cent. (G12)