NBS slashes home mortgage rates

TIMES INT'L

House mortgage lender New Building Society (NBS) has announced new reduced mortgage interest rates, which will take effect from July 1. The building society said the reduction is in recognition of the need to provide affordable housing to all Guyanese.

NBS CEO Ahmad Khan
NBS CEO Ahmad Khan

In a release to the media, NBS said, “The directors of the New Building Society in their continuous quest to ensure that mortgages are affordable have taken a decision to reduce mortgages’ interest rates once again.” While the low income mortgage range will remain Gy$ 4 million and less with an interest rate of 4.25 per cent, the middle income mortgage range of Gy$ 4 million to Gy$ 8 million will move to Gy$ 4 million to Gy$ 10 million, and the interest rate to 6.15 per cent from 6.25 per cent.
The middle income mortgage range was increased, since it was observed that persons who utilise these loans frequently request more money.
Meanwhile, mortgages of Gy$ 10 million and above will now attract an interest rate of 6.75 per cent, a reduction of 0.70 per cent from the old rate of 7.45 per cent.
The society stated that over the years it has asserted itself as the major player in the residential mortgage market, noting that in recent times it has been significantly increasing advances it makes to mortgagors.
Commenting on the performance of the society, Chief Executive Officer (CEO) Ahmad Khan had said, “This remarkable achievement was as a result of our philosophy to be prudent with our investment strategy, maintain our asset quality, and adhere to our strong risk management culture.”
Khan pointed out that the partnership with the Housing Ministry enabled NBS to penetrate the housing market with affordable mortgage products.

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