With a steep decline in applications for housing loans in 2020 and government’s promise of 50,000 house lots by 2025, the New Building Society is seeking to increase its portfolio this year and yesterday announced a reduction in interest rates following formal approval of the lifting of the loans threshold from $12 to $15 million which had been announced in Budget 2021.
“The New Building Society Limited (NBS) wishes to places on record its pleasure to have its mortgage ceiling increased from $12 million to $15 million,” NBS Chairman Floyd McDonald remarked yesterday at the handing-over ceremony of government’s approval of the increased mortgage ceiling.