Guyana’s mortgage interest rates among lowest in the world – Rodrigues

Guyana has one of the lowest mortgage interest rates in the Caribbean and the wider world.
This was highlighted by Minister within the Housing and Water Ministry, Susan Rodrigues during her weekly programme “Making The Case” on Wednesday.
Rodrigues stated that the President Dr Irfaan Ali-led Government was keen on making the process of obtaining a loan easier.
Further, the Minister stated that the collaboration and responsiveness of the commercial banks have also contributed to improvements in the housing sector.
“You have seen a collaboration with the Ministry and with all of the commercial banks to guarantee reduced interest rates. Some of the lowest interest rates in the world.
“If you look at the news globally of what is taking place in an effort to curb inflation, countries around the globe have been increasing interest rates,” she is quoted as saying in a Department of Public Information (DPI) report.
Meanwhile, in Guyana, the Government has reduced the interest rates for mortgages to make access to homeownership more affordable for Guyanese.
Many people are taking advantage of the investment climate since banks have lowered their interest rates significantly.
This has added to an already robust system set in place by the Government to assist citizens to become homeowners.
Recently, the Government 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.
Minister Rodrigues underlined that the interventions undertaken by the Government during the COVID-19 pandemic were unprecedented, at a time when pay cheques were being cut around the world, and the cost of living and the rate of unemployment increased.
The interventions by the Government included various cash grants for various groups, the removal of VAT on electricity and water, and a range of other incentives.
Since taking office in August 2020, the People’s Progressive Party/Civic (PPP/C) Government has consistently helped citizens wherever they may be, despite external factors.
The policy solutions to the worldwide inflation rate, which has been above historical levels since mid-June due to the adverse global climate, led by rising energy costs and disrupted supply chains, have been praised by the Inter-American Development Bank (IDB).
Rodrigues said the Government was working every day to ensure citizens’ lives are improved. The PPP/C Government has provided thousands of families with house lots, and they have attested that their dreams of owning a home were now becoming a reality as a result of the Government’s consistent achievement of its goals in the housing sector.