GUYANA Association of Bankers (GAB) has welcomed the Government’s move to raise the ceiling for low income mortgage loans.

GAB said, in a release, that the successful opening up, by Government, of several areas for housing development has been driven by the strong demand from the lower income segment of the population.

The association lauded the Government for recognising that the cost of building a low income house has gone beyond the $3M limit set last July.

It was against this backdrop that the Government agreed to augment the facility for low income mortgage loans from those commercial banks that are approved mortgage lenders.

The release said it means that persons who qualify for such borrowing will have greater access to mortgage financing nationwide, up to $8M, to build their houses at the low income mortgage rate offered only by New Building Society up to now.

“The Guyana Bankers Association lauds the Government for this initiative which reinforces the Government’s commitment to affordable housing of our people and to the contribution that housing development makes to national development.

“This is consistent with its members’ policies and in keeping with our task of intermediation for the benefit of national development,” the release stated.

GAB said it was informed of the Government’s decision at a meeting with President Bharrat Jagdeo, Finance Minister, Dr Ashni Singh and Housing and Water Minister Mr. Irfaan Ali.

GAB also disclosed that it held frank discussions with the Government, as well, on its role in support of the housing drive.