The New Building Society Limited (NBS) yesterday announced a further cut in its interest rate for mortgages between $6m and $15m.
In a statement, the NBS said that from January 01, 2022 the interest rate on loans from $6M to $15M – has been reduced from 6.25% to 5.95% per annum. This is applicable to both current and new loans.
For borrowers who qualify for low income loans – ($6M and below) the interest rate is 4.00% per annum.
The NBS said that the reduction of interest rates on mortgage loans has been a consistent feature of the Society’s policy which over the years cut rates from 20% per annum in 1990 to the current interest rate of 5.95% per annum. While implementing this reduction, the Society said it still offers the best interest rate of 2.75% to all its savings account holders in the Save and Prosper category.
The reduction in interest rates, it said, will put millions of dollars per annum into the pockets of borrowers which is in keeping with its mandate to ensure that Guyanese can acquire ready and low-cost financing and therefore, become home owners.
In March, 2021, NBS had reduced the interest rate on loans up to $6m to 4% from 4.25%. The rate on loans from $6m to $12m had been reduced to 5.95% from 6.15% and 6.75% depending on agreement. For loans above $12m and up to $15m the rate was set at 6.25%.
The NBS added yesterday: “We have recognized that the Government has been aggressively pursuing policies and taking decisive action to improve the nation’s housing stock. This is a welcomed development and one that is pleasing to Guyanese in all walks of life. In this regard, the NBS commits itself as an active partner to continue to support the enhanced housing drive and delivering finance to thousands of Guyanese who will benefit from the Government’s programme”.
