Credit unions could provide low interest mortgages
The Guyana Cooperative Credit Union League (GCCUL) plans to join with the Central Housing and Planning Authority (CH&PA) to facilitate low interest mortgages to its members for the purchasing of the housing units.
This was revealed on Wednesday when the Communities Ministry and CH&PA officials met with the ranks of the Guyana Defence Force (GDF) at Base Camp
Guyana Defence Force ranks at Base Camp Ayanganna at CH&PA meeting on Wednesday
Ayanganna in Thomas Lands, Georgetown.
Speaking to the ranks, Minister within the Communities Ministry with responsibility for housing, Valerie Adams-Patterson, said the matter of low interest loans was discussed at the meeting with the Credit Union League.
She explained that coming out of that meeting the previous day, the League agreed to put forward for approval at its Annual General Meeting (AGM), a proposal that its membership body provide loans to finance the cost of homes for its respective members.
“Rather than you having to go to the bank and pay how much percentage interest; your credit union will pay us for the apartment and you pay them one per cent interest,” the minister said, explaining to the ranks how the proposed plan will work.
She urged those ranks that are currently not members of any union to “get on board a credit union,” to be able to benefit from the partnership. Those ranks already a part of credit unions were also urged to get their unions to support the initiative.
The Guyana Cooperative Credit Union League is the umbrella body for over 24 credit unions across Guyana, including the Clerical and Commercial Workers Cooperative Credit Union Limited, the Guyana Police Force Cooperative Credit Union Limited and the Guyana Defence Force Cooperative Credit Union Limited.
The League has a membership of 26,589, and a total asset of $21,614,480. The League AGM is set for May 2016.
Government has launched a new housing project for the construction of 265 duplexes and 38 townhouses and should benefit 758 families in 2017. This will be done in 10 areas in six regions.
The duplexes are of three different designs and to be built of concrete and wood. The Government’s engineer estimate of place the cost of these units is between $5 to $7 million.
