PRESIDENT, Dr Irfaan Ali has announced that the government is in active discussions with the New Building Society (NBS) to increase its mortgage ceiling from $20 million to $30 million, with a capped interest rate aimed at making homeownership more accessible to Guyanese.

Speaking at a Labour Brunch hosted at State House on Sunday, the Head of State said he gave instructions at 09:45hrs on Sunday for the Minister of Finance, Dr Ashni Singh, to formally write NBS, requesting the increase.

“At 9:45 am, I instructed the Minister of Finance to write to the New Building Society and to increase their loan limit to $30 million,” President Ali said, noting that the raised ceiling would come with a guaranteed interest rate not exceeding five per cent for loans at or below that amount.
This initiative, he said, is part of his government’s ongoing efforts to ease the path to homeownership for ordinary Guyanese.

Dr Ali reaffirmed the People’s Progressive Party/Civic’s commitment to improving access to housing, referencing the administration’s track record of facilitating thousands of home loans through partnerships with financial institutions and reducing barriers such as high interest rates and rigid collateral requirements.
Over the years, partnerships with local banking institutions have facilitated better access to loans for home construction and ownership, with significantly reduced interest rates.

According to a previous report, the New Building Society (NBS) processed 669 loan applications and disbursed $3.5 billion in loans in 2020.
By 2023, the NBS experienced a remarkable surge, receiving over 2,500 applications and disbursing $19 billion—a staggering 274 per cent increase in applicants and 443 per cent increase in loan disbursements over the past few years.

Previously, applicants were required to provide cash equity for loans, but this requirement has been revised, allowing applicants to utilise their lands as collateral for loans.
According to President Ali, his government will continue to build on these reforms to ensure more Guyanese families can afford to own a home.