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The New Building Society Limited (NBS) has announced reductions in its mortgage rates commencing from January 1, 2022.
In a press statement, the housing lender said loans from $6M to $15M has been reduced from 6.25% to 5.95% per annum which is applicable to both current and new loans. For borrowers who qualify for low income loans – ($6M and below) the Interest Rate is 4.00% per annum.
“The reduction of interest rates on mortgage loans has been a consistent feature of the Society’s policy which over the years has reduced mortgage interest rates down from twenty percent (20%) per annum in 1990 to the current interest rate of 5.95% per annum. While implementing this reduction, the Society still offers the best interest rate of 2.75% to all its savings account holders in the Save and Prosper category,” the Bank said in its release.
According to NBS, the reduction in interest rates will aggregately put millions of dollars per annum into the pockets of borrowers which is in keeping with our mandate to ensure that Guyanese can acquire ready and low-cost financing and therefore, become home owners. “We salute the Government’s housing drive and call on Guyanese to make full use of our affordable mortgage rates,” NBS said.
The NBS said too that it continues to play a critical role in providing affordable mortgage loans to Guyanese and in the process helping them to realise their dreams of home ownership. The bank said since April 1, 2021 NBS announced an across the board reduction in Mortgage Interest Rates to all of its borrowers “as we welcome the increase in the Society’s mortgage ceiling announced by the Government from $12M to $15M dollars. With that increase borrowers can now build a decent and modern home.” “We have recognized that the Government has been aggressively pursuing policies and taking decisive action to improve the nation’s housing stock. This is a welcomed development and one that is pleasing to Guyanese in all walks of life. In this regard, the NBS commits itself as an active partner to continue to support the enhanced housing drive and delivering finance to thousands of Guyanese who will benefit from the Government’s programme.”