Low-Income mortgage ceiling rasised to $30M, allocates $7.5B for home upgrades

Finance Minister Dr Ashni Singh, in presenting Budget 2026 themed “Putting People First” to the National Assembly, announced measures aimed at reducing the cost of home ownership and expanding access to affordable housing. Highlighting the Government’s progress since 2020, Dr Singh noted that the low-income mortgage ceiling at commercial banks, previously increased from $8 million to $20 million, will now rise to $30 million. This move is intended to make housing loans more accessible for low-income borrowers.
In a further step to broaden housing finance options, the $30 million low-income mortgage ceiling will also be extended to approved insurance companies offering housing loans under arrangements similar to those at commercial banks. Dr Singh also detailed plans to provide $7.5 billion to support households in upgrading their homes. Over the last term, Government initiatives included the construction of more than 2,000 homes and a steel and cement subsidy that benefited over 3,000 families. “These measures are part of our five-year target to ensure every Guyanese family has access to affordable housing,” Dr Singh said.