PROVIDING a courteous, reliable service and cheap loans, the New Building Society Limited (NBSL), is eagerly waiting and is ready to serve persons desirous of building their own houses, with instantaneous approval of loans.

This comment follows the announcement by President, Dr Irfaan Ali that the NBS loan limit will be increased from $20 million to $30 million, with a capped interest rate of five per cent aimed at making homeownership more accessible to Guyanese.

The NBS’s Chairman Dr Nanda Gopaul stated that with the granting of this $30 million, homeowners can save a significant sum of money as a result of this decision by the government to ensure that persons can pay an affordable mortgage.

The capped interest rate will be applied to the entire $30 million sum, allowing homeowners to save some $40,000 to $50,000 per month. There is an expectation that this will be passed on to other commercial banks, bringing further benefits to homeowners around the country.

Speaking exclusively with the Daily Chronicle on Tuesday, Dr Gopaul said that already, a number of persons have tried to capitalise on this new opportunity.

Further, the chairman noted that around 15 persons have visited the NBS to upgrade their mortgages.

“We would have been happy if we could have automatically do it and started disbursement, but there is a legal process in which the amendment to the rules will have to be gazetted by the Minister of Finance and we expect that to be done shortly,” he said.

He continued: “And then a fresh application will have to be made for a second mortgage, to top up the amount from $20 to $30 or $15, whatever the total is in the first mortgage, to the amount that will be required to complete the homes.”

Noting that the government’s massive housing drive through the Ministry of Housing and Water, Central Housing and Planning Authority (CH&PA) has been in full swing over the last three years, Dr Gopaul said the NBS is eagerly looking forward to being of service to the vast majority of beneficiaries, giving them courteous, reliable service and cheap loans.

He pointed out that the government has not only worked to give citizens house lots, but to enable them to build their own homes at these affordable mortgage rates.

He said that the NBS will continue to do its part as a good corporate citizen, to ensure that each applicant is given favourable consideration, as well as help to build their dream homes.
Dr Gopaul expressed, “We are looking forward for them to come in, use the opportunity that has presented itself now, and to insure without delay, because some of the repayment terms are lower than house rent. So, it is better you own your own home and put the money which you are supposed to pay as rent as an installment in your own.”

He noted that Guyanese should capitalise on and make good use of the benefits that are being given, to ensure that each housing scheme and community is developed.

According to the NBS Chairman, “So all the empty lots which are around, they are not doing themselves a good service. They are doing themselves a disservice with what the government has done, with the banks and for the homeowners.”

Notably, the NBS has reduced all requirements needed for loan applications.

Taking this publication through the application process, Dr Gopaul explained that persons would need to produce a copy of their title, or transport, or a copy of the letter of assurance from the Ministry of Housing and Water, CH&PA, along with a copy of your house plan. A copy of the construction can also be produced if construction has already commenced.

The NBS will then inspect this. By looking at the plan, the financial institution will be able to gauge the amount through cost analysis for the house the applicant wants to build.
Persons with an existing loan at NBS can visit any of the branches to make an application.