President Dr. Irfaan Ali has instructed that the New Building Society (NBS) mortgage lending limit be increased from $20M to $30M, while maintaining a low interest rate of five per cent to ensure easier access to homeownership.
The president made the announcement during a labour brunch held at State House on Sunday.
“I instructed the Minister of Finance to write to the NBS to increase their loan limit to $30m with the guarantee that their interest rate on loans $30m and below on housing will be five per cent maximum.”
In 2021, the mortgage ceiling for the NBS was moved up to $15 million after the approval was made in that year’s budget. The limit before then was $12 million.
President Ali had stated at the time the government’s firm conviction that homeownership is perhaps the single most important achievement for almost every family, and that acquiring one’s own home will perhaps for many be the single most important investment made in their entire life.
Senior Minister in the Office of the President with Responsibility for Finance and Public Service, Dr. Ashni Singh, had noted too the government’s commitment to promoting and facilitating homeownership.
“We recognise how important home ownership is to the individual family, but we also recognise how important home ownership and home construction and construction activities are to the economy as a whole…the generation and creation of jobs, the generation of income …the improvement of livelihoods.”
President Irfaan Ali said during Sunday’s brunch that citizens could expect easier homeownership with less interest rates once the People’s Progressive Party government remains in office.
