Close to 300 persons have already registered for the government’s Home Construction Assistance Programme which provides assistance to Guyanese to access finances to construct their homes.
Minister of Housing and Water, Collin Croal, M.P, on June 10 said that of the 300 persons who registered since applications opened on May 30, some 100 persons were pre-approved by the banks for financing to build their homes.
“ It means that they [registered persons] will eventually move to the pre-approval stage. For some of them, they may be short of a particular document to show to the bank. Some instantaneously got their approval on the spot,” Minister Croal explained.
The minister said that the programme extends to persons own lands acquired through the Central Housing and Planning Authority (CHPA) or privately.
He clarified that, “It is not for structures that are in progress, it is for persons who have their lands, and have difficulties getting that start-up to build.”
Minister Croal further explained that is important that the applicant shows ownership of the land, since it will be used as the equity to the bank.
“What they do, is for example if five percent works out to $500,000, then that amount goes towards the overall cost for the mortgage…In essence you can have zero and get the financing to build your home.”
Under the Home Construction Assistance Programme, applicants can select one of three categories of units available. These are, two-bedroom flat units costing $7 million, three-bedroom flat units for $9 million and the three-bedroom elevated units at $12 million.
Applications for the programme officially opened on May 30 at the Ministry’s Head Office on Brickdam, Georgetown and a number of persons have capitalised on the opportunity. It was then taken to Linden, Region Ten last week and over 60 persons were registered. It is expected to be launched in Region Six on June 14.
