The Guyana Bank for Trade and Industry Ltd (GBTI) has brought the dream of home ownership a step closer to reality for its customers with the launching of its new HomeStart Advantage savings account.
The launch which took place yesterday at the International Building Expo 2024 in Providence, was announced in a release from the bank.
It described the HomeStart Advantage account as offering a unique combination of incentives, including flexible savings options, special discounts on mortgage fees, and personalised financial guidance to make owning a home more attainable. According to GBTI, it is tailored for individuals and families who are serious about saving for a home and contains features such as no monthly fees, automatic savings plans, and cash back, that reward customers when they reach their goals, all with the aim of helping customers grow their savings efficiently. GBTI also offers financial counseling and resources to assist customers in understanding the home-buying process and making informed decisions.
The release went on to highlight the following key benefits of the HomeStart Advantage Account. 1) Reduced mortgage fees – a 100% discount on the Application Fee (no application fee) and 25% discount on the negotiation fee. 2) Cash back – 5% cash back on the HomeStart Advantage account funds, with the maximum cash back being $100,000. This amount will be credited after the first disbursal stage is completed. 3) Automatic savings plans – the setting up of automatic transfers from your primary bank account to ensure regular and consistent savings. 4) Personalized financial guidance – access to GBTI’s team of homeownership experts who provide advice and resources to help navigate the home-buying process with confidence.
GBTI’s Chief Commercial Officer, Rawattie Mohandeo, who spoke at the event, noted that owning a home is more than just a financial transaction; “it is a cornerstone of stability, a foundation for building memories, and a legacy for future generations.”
He introduced the HomeStart Advantage Savings Account as the banks latest innovation in financial services, designed to empower every aspiring homeowner by ensuring that the path to owning a home is not only possible but also supported every step of the way.
“As we launch the HomeStart Advantage Savings Account today, we reaffirm our commitment to making homeownership achievable for every Guyanese. This product aligns with our broader mission of driving sustainable growth while supporting the aspirations of our customers. Together, let’s make homeownership not just a possibility, but a reality for more Guyanese families.”
Meanwhile, Minister within the Ministry of Housing, Susan Rodrigues, who also gave remarks at the launch, extended congratulations to GBTI for their continued innovation and responsiveness to the government’s call to support the housing sector in Guyana.
Rodrigues emphasised the critical role that GBTI’s HomeStart Advantage account plays in the housing loan process and highlighted how this innovative financial product is designed to ease the path to homeownership for many Guyanese by providing a tailored savings mechanism that aligns with the unique needs of potential homeowners. She also noted that this initiative would significantly assist individuals in achieving their dreams of homeownership, which aligns with the government’s broader goals of expanding access to affordable housing.
Rodrigues also expressed the government’s satisfaction with the ongoing collaboration between the private and public sectors in advancing the housing agenda, emphasising that partnerships like these are essential in ensuring that the people of Guyana have the necessary support and resources to embark on their homeownership journey.
