NBS lowers interest rates

Minister of Finance Dr Ashni Singh (second from right) hands over the instrument to allow for an increase in the loans value from $12M to $15M to NBS Chairman Floyd Mc Donald. They are flanked by Ministers of Housing and Water Collin Croal (right) and Susan Rodrigues.

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.