“We want to ensure that there are more homeowners than house lot owners,” Minister of Housing Irfaan Ali said at ministry’s ‘One Stop Shop’ initiative yesterday.
The initiative sought to provide intended homeowners with a place to process their application, acquire a loan as well as select a housing model.
Several hundred persons turned up at the ministry’s Brickdam location in the city with the hope of being successful at the end of the day-long exercise, which saw a section of the street blocked off to vehicular traffic. It was estimated that by the end of the day 600 persons would be the holders of lots located in either Onderneeming Phase 2 or Non Pariel Block E.
Ali said that all development works in the areas identified are ahead of schedule and are expected to be finished more than a month ahead of time. Further, he said that his ministry is working assiduously to ensure that at least 20,000 house lots are allocated to persons during the year. So far, 6,000 applications have been successfully processed.
Based on a number system, applicants were interviewed by staff from the housing ministry and if successful were given all documents required for the processing of a loan from one of the banks on site. The banks associated with the programme – Guyana Bank for Trade and Industry (GBTI), Republic Bank, Citizens Bank and the New Building Society (NBS) – had booths set up where their staff could provide loan information.
National Hardware and Global Hardware also had booths where persons could access their services as well as acquire quotations for household fittings.
“While persons around the world were losing their homes due to the recession, Guyana was experiencing an expansion in the housing sector,” President Bharrat Jagdeo at the event. He said that there now exists a situation in Guyana where more and more persons are owning their own homes.
He pointed out that during the recession, internationally, wages and salaries of workers were cut but he is happy that his government did not take that decision.
According to the President, $27 billion has been allocated by the government towards mortgage financing while $4 billion has been allocated to the Ministry of Housing for its housing project. Additionally, he said, a law was passed whereby banks would be given special incentives so that they would not have to pay taxes on certain levels of loans in the housing sector.
He added that the target is for everyone to own his/her own home and his government is prepared to work until the dream becomes a reality. He lauded the banks for their bold step in reinvesting in people and urged depositors to support these banks.
Jagdeo noted that persons do not have enough money to provide for their families and build a house, therefore easier access to loans allows them to realise their dreams of owning their own homes.
Managing Director of Citizens Bank Eton Chester said that the institution has set aside $2 billion to lend to new home owners as part of the bank’s commitment to the initiative.
GBTI CEO John Tracey said the bank recognises that the majority of house lot applicants are women and they want to be part of a programme that enriches the lives of these women. He pointed out the women can also access a WOW loan from the banking institution.
Meanwhile, Managing Director of Republic Bank John Alves said this is the fifth time that the bank has been part of the housing drive. He urged persons to move expeditiously to access the loans offered and to make good use of the opportunity they have been afforded. He noted that in the past, accessing a loan was a very long process, now it is much easier and quicker.
One applicant, Nicholas Chance, said he had applied for a house lot about six years ago. He is very optimistic that this time, he will be successful. He said he was prepared with all the documentation and was very confident of his chances.
Davechan Lakeram, a father of three, said he was very pleased about the initiative. He said that a lot of people are trying to get their own homes but the process is usually a very long one. He said he had applied in 2004 but has had to “run around” trying to get through now he is sure that he will have better luck.
A single mother who requested anonymity said she saw it as a good opportunity for young persons to begin their lives. She said her application was more for her daughter than herself. She said that once she gets through, she will feel better knowing that her daughter has a future and something to utilise later down in her life. She added, “all I am doing is making provisions for her”. She was also confident of her application being approved.
While the wait to get to this stage for many persons has been long, yesterday they were optimistic that they were one step closer to fulfilling their dreams. Withstanding the sweltering sun, they waited for their numbers to be called.