Interest rates

NBS lowers mortgage interest rates to attract home builders

The New Building Society (NBS) has announced that it will further reduce its mortgage interest rates from January.

When the government raised the mortgage limit earlier this year from $ 12 million to $ 15 million, the SNB announced a general reduction in its mortgage interest rates for all borrowers.

In a statement released today, the NBS said it now recognizes that the government is pursuing aggressive policies and taking decisive action to improve the country’s housing stock and sees itself as an active partner in the housing engine and has decided to further reduce its mortgage rates.

The mortgage interest rate for loans of $ 6M to $ 15M has been reduced from 6.25% to 5.95% per annum, which applies to both current and new loans.

For borrowers eligible for low-income loans of less than $ 6 million, the new interest rate will be 4.00% per annum.

NBS explained that reducing mortgage interest rates was a constant feature of Company policy which, over the years, has reduced mortgage interest rates by twenty percent (20%) per year. in 1990 at the current interest rate of 5.95% per annum.

“The reduction in interest rates will put millions of dollars a year globally in the pockets of borrowers, which is in line with our mandate to ensure that Guyanese can acquire loan and low cost financing and therefore become homeowners,” he said. declared NBS.