The Government has announced a major expansion of its affordable housing programme, with the low-income mortgage ceiling increased from $20 million to $30 million, as part of its commitment to ensure that every Guyanese family has access to affordable housing over the next five years.
Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, made the announcement during the presentation of Budget 2026 to the National Assembly.
Dr Singh said since returning to office in 2020, the government has made significant progress in improving access to housing and reducing the cost of home ownership, including increasing the low-income mortgage ceiling at commercial banks from $8 million to $20 million during the last term.
The new increase to $30 million, he said, will further reduce borrowing constraints and make housing loans more accessible and affordable for low-income families.
In a further expansion of the policy, Dr Singh announced that the $30 million low-income mortgage ceiling will also be extended to approved insurance companies that offer housing loans under arrangements similar to those at commercial banks.
This move is expected to widen the pool of housing finance options available to citizens and deepen competition within the mortgage market.
Additionally, the Government will allocate $7.5 billion in Budget 2026 to support households in upgrading their homes, building on previous initiatives such as the steel and cement subsidy and the construction of more than 2,000 homes, which benefited over 3,000 families.
