The directors of the New Building Society (NBS) Ltd have decided to reduce mortgage interest rates effective July1, 2013.
A release from NBS said the decision was made to ensure that mortgages are affordable and to support the government’s drive to provide affordable housing to all Guyanese.
The new interest rate for mortgages of $4 million and less is 4.25%; for mortgages $4 million to $10 million it is 6.15%; while for mortgages from $10 million and over it is 6.75%.
The release said the society has asserted itself as the major player in the residential mortgage market and had increased advances to mortgagers. It pointed out that in 2011 advances totalled $4.2 billion, in 2012 they totalled $6.75 billion, and this amount should be surpassed this year.
