In a move aimed at bolstering home ownership and what the government is calling an improvement of the quality of life for working-class Guyanese, President Dr. Irfaan Ali has announced a major boost to the country’s housing finance framework. The New Building Society (NBS) will now offer loans of up to $30 million with a capped interest rate of 5 percent for mortgages within that range.
The announcement came during a Labour Day brunch held at State House on Sunday, where President Ali reaffirmed his administration’s commitment to enhancing workers’ welfare, including improved salaries and increased access to essential services like housing.
“At 9:45 am, I instructed the Minister of Finance to write to the NBS and to increase their loan limit to $30 million, with the guarantee that the interest rate on loans $30 million and below for housing will be 5 percent maximum,” the President stated.
President Ali’s announcement on Sunday said that the move underscores the administration’s ongoing strategy to ‘align economic growth with tangible benefits for citizens’, especially as Guyana’s oil-fueled economy continues to expand.
“This is not just about building homes, it’s about building families, building communities, and building a stronger Guyana,” the President emphasized.
This initiative is the latest in a series of measures introduced by the People’s Progressive Party/Civic (PPP/C) government aimed at making home ownership more accessible. Since taking office in 2020, the Ali administration has placed much emphasis on the expansion of Guyana’s housing sector. Between 2020 and 2023, lending for home ownership and house construction saw a reported growth of 41.25 percent.
One of the standout policies fueling this momentum has been the adjustment to the mortgage interest relief threshold, from $15 million to $30 million, allowing more middle-income families to benefit. The government had reported last year that nearly 17,000 homeowners had already received relief through this policy, injecting over $2.7 billion back into the economy.
The housing initiative has also seen strong support from commercial banks, many of which, encouraged by the state, have launched promotions to attract new homeowners and offer competitive financing packages.
Guyana’s housing platform has undergone significant transformation in recent decades. Spearheaded by agencies such as the Central Housing and Planning Authority (CHPA), the country has moved from modest low-income developments to large-scale housing schemes aimed at both urban and hinterland populations.
