Guyana Homeowners Continue to Benefit from Housing Relief

• Although there have been increases in mortgage rates globally, Guyana has stood out for being able to significantly reduce this over the past three years as a result of direct policies implemented by the government, according to President Dr. Irfaan Ali.
• “The government has increased the mortgage interest relief from GYD15Mn to GYD30Mn… to date, approximately close to 17,000 homeowners have benefitted, and the total costs of GYD2.7Bn, more than GYD2.7Bn that was put back directly in the pockets of 17,000,” the Head of State said recently.
• He related that the government negotiated a reduction in interest rates for mortgages by close to 2.5%. “As a result of this policy, we have seen an increase in housing loans by almost 20% or GYD56Bn, and these housing loans have the lowest default rate in this hemisphere,” Dr. Ali said.
• The President emphasised the decades of targeted policies implemented by successive People’s Progressive Party/Civic (PPP/C) governments to promote affordable and sustainable housing to all Guyanese. The government, he said, has confronted previous housing challenges and, over the years, has allocated ownership of land to thousands, established initiatives like the turnkey programme, developed new housing schemes, and regularised several areas.
• Going forward, he added, “Guyanese from all walks of life, can rely on the promise of our government to provide housing at an affordable rate.”

(Source: Guyana Chronicle)