THE New Building Society (NBS), Guyana’s largest home mortgage provider, has reported that ability to effectively communicate is mainly responsible for its rapidly increasing clientele. NBS Mortgage Manager, Mr. Noel Fernandes said the institution has made interaction with customers, a major part of its operations, no matter what the type of loan.
He said intense advice is given to persons who seek to access their facilities as NBS tries its utmost best to ensure that it does not contribute to the littering of Guyana’s landscape with unfinished buildings.
Fernandes said NBS is confident it has been doing a good job over the years and seeks to explore all options that will bring greater value to its beneficiaries.
He said any new initiative employed by the banking institution will have to do with the customers’ needs and what will contribute to their comfort in the environment.
Fernandes said, however, that, despite the timely response to loan applications, there is a bugbear and he expressed disappointment that the process at some external agencies hampers the speedy process of several phases of the NBS system.
Also speaking to the Guyana Chronicle in the same interview, Supervisor of Mortgages, Ms. Savitri Samaroo said multiple factors are taken into consideration by NBS.
She cited cases where some customers may have difficulties fulfilling their obligations to the bank and blame job losses. But NBS has a way of reaching out to those and, most times, the bank would allow defaulters time to secure new employment.
Samaroo said NBS also considers other issues to review customers’ accounts and lower installations.
Age, original terms of a mortgage and the amount already repaid feature and the balance is, sometimes, re-adjusted.
Foreclosure
She maintained that foreclosure is never a serious option for NBS as securing home loans are life long investments for most beneficiaries and the lender feels obligated to make sure it works with each customer to repay loans and sustain a good and healthy relationship.
Samaroo and Fernandes disclosed that NBS has a mortgage portfolio of close to 9,000 and just about 120,000 customers with savings accounts. On a daily basis, NBS sees some 150 persons seeking mortgages while others seek advice on loans and more services.
Samaroo said, ever since the launch of the ‘One Stop Shop’ Guyana Government housing allocation programme, NBS has seen a big jump in its customer base, as well as new needs and interests.
NBS also has thriving relations with overseas clients, many of whom have local representatives acting on their behalf.
Meanwhile, NBS is planning to resume its door to door awareness programme which had proven to be a very good marketing strategy but was put on hold because of the unavailability of space at the Avenue of the Republic, Georgetown main office.
NBS offers three types of loans, $3M for low income earners at 4.25 percent interest rate per annum; $8M for the middle income group at 6.25 percent per annum and $12M for the higher income bracket at 7.45 percent per annum interest, all with a maximum repayment period of 30 years.