September 2, 2022 | By Colin O. Jarrett |
The New Building Society Limited, (NBS) in Guyana on Wednesday announced further slashes in mortgage rates for existing and potential customers.
This follows an extensive meeting with President Dr Irfaan Ali. In a press release, the company outlined that from September 1, 2022, the mortgage rate will be reduced to 3.50% for persons borrowing up to $4M.
For customers borrowing up to $9M, the rate was cut from 5.95 to 3.75% and customers borrowing between $9M and $20M, will benefit from a slashed rate of 5.70%.
The lending institution highlighted that it found the need to bring some relief to citizens as it relates to mortgage rates, especially considering the ramping up of housing development in the country.