–interest rate for houses and buildings up to $9M reduced to 3.8 per cent
–homes that cost $6M or less, builders will get steel needed for construction and one sling of cement
–homes that cost $6M to $25M, government will provide two slings of cement

MORE good news for home builders. President, Dr. Irfaan Ali on Friday announced massive investments by the government that will see home builders benefitting from the provision of steel and cement for the construction of their own homes.

The President was at the time speaking at the opening of International Building Expo 2022, which is being held at the Guyana National Stadium at Providence, East Bank Demerara.
The incentives will cater to home builders constructing homes below $6 million and ranging to $25 million.

The new initiative will see homeowners constructing homes at the value of $6 million or less receiving one sling of cement, along with the steel to be used for the foundation of the home.
The Head of State further explained that home builders in the above $6 million to $25 million categories will receive two slings of cement to aid in the construction process. He noted that these initiatives are being implemented to continue the government’s aggressive agenda of making homeownership more affordable, and to boost the quality of life of Guyanese.

Together, he said they reflect the promise by the government to make home ownership easier for Guyanese. Within the past two years, mortgages in Guyana went up by a significant $16B, or 21 per cent, and this the President said is an indication of the drive by Guyanese to own their own homes.

He further disclosed that the total loans borrowed in the country saw a $310B increase since 2020.
The booming construction sector also saw a significant 50 per cent growth in loans within two years.

Mirroring the government’s commitment, President Ali disclosed that through agreements with the banks in Guyana, the government has been able to secure a reduction in the interest rates on loans of up to $9M to 3.8 per cent.

And this is not the only concession that has been granted by the banks.
“To further expand our housing programme, the banks have agreed that there will be no per cent requirements for loans below six million dollars because of this policy of the government. So you don’t have to find the 10 per cent or the 20 per cent. Once you qualify through the joint window system, the Government is with you. Now the commercial banks are with you; no requirements because of the singular policy.

Housing and Water Minister Collin Croal, who also spoke, noted that since assuming office less than two years ago, the Government has been working strategically to achieve its Manifesto promise to provide 50,000 house lots by 2025. In less than two years, some 12,000 house lots have been allotted in Regions Two, Three, Four, Five, Six, Nine and 10.

“Since the return of this PPP/C Government, we have re-energised the housing and construction sectors through the introduction of bold and aggressive homeownership; ownership initiatives that have seen that at the policy level, and reduce the gaps for applications and even processing time the establishment of new housing units, new housing developments across Guyana, and the upgrading of existing areas.”

The Housing Ministry plans to allocate an additional 5,000 new blocks in Great Diamond and Grove on the East Bank Demerara, at Meten-Meer-Zorg and Stewartville on the West Coast Demerara, and Non Pareil and Enterprise on the East Coast Demerara by the end of the ‘expo’ tomorrow.

The minster also disclosed that some 1,200 units are currently under construction, and some 300 homes have already been handed over to families for occupancy. The ministry has also distributed over 300 titles and transports since taking office in 2020.