The New Building Society (NBS) has announced that it will be further reducing its mortgage interest rates from January.
When the Government increased the mortgage ceiling earlier this year from $12M to $15M, the NBS announced an across the board reduction in its mortgage interest rates to all borrowers
In a release today, NBS said it has now recognized that the government has been aggressively pursuing policies and taking decisive action to improve the nation’s housing stock and considers itself an active partner in the housing driver and decided to further reduce its mortgage rates.
The mortgage interest rate for loans from $6M to $15M has been reduced from 6.25% to 5.95% per annum which is applicable to both current and new loans.
For borrowers who qualify for low-income loans below $6 million, the new interest rate will be 4.00% per annum.
NBS explained that reduction of the interest rates on mortgage loans has been a consistent feature of the Society’s policy which over the years has reduced mortgage interest rates down from twenty percent (20%) per annum in 1990 to the current interest rate of 5.95% per annum.
“The reduction in interest rates will aggregately put millions of dollars per annum into the pockets of borrowers which is in keeping with our mandate to ensure that Guyanese can acquire ready and low-cost financing and therefore, become homeowners,” NBS said.