Those using the New Building Society (NBS), come June, are expected to enjoy lower mortgage interest rates from January 2022.
This announcement was made by the bank this afternoon to all of its borrowers. In the statement the bank continues to play a critical role in providing affordable mortgage loans to Guyanese and in the process help them to realise their dreams of home ownership.
The NBS announcement of then across the board reduction in Mortgage Interest Rates to all of its borrowers was made in April 2021 “as we welcome the increase in the Society’s mortgage ceiling announced by the Government from $12M to $15M.”
“The bank continues to realize this dream so that now more borrowers can build a decent and modern home.”
Adding to the equation, the bank recognized that the Government has been aggressively pursuing policies and taking decisive action to improve the nation’s housing stock. This moved NBS said, is a welcome development and one that is pleasing to Guyanese in all walks of life.
The bank said with all that has gone, it committed itself as an active partner to continue to support the enhanced housing drive and deliver finance to thousands of Guyanese who will benefit from the Government’s programme.
Therefore, the bank announces a reduction in its mortgage interest rates from January 1, 2022 as follows– Loans between $6M and $15M will see the rate lowered from 6.25% to 5.95% per annum.
This 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 bank said that 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 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.”
