At the launch of the International Building Expo 2022, the Head of State President Irfaan Ali announced a slew of measures geared towards ensuring home ownership is more affordable.
On Friday night, during his speech President Ali announced free ‘steel and cement’ packages. In addition, he stated that those who would like to build their own homes will also benefit from no down-payment and reduced interest rates.
Addressing the huge gathering at the 2022 International Building Expo, the President told
the government will be “giving every single family in the category of affordable homes” steel and one sling of cement to build their foundations. This category includes those building a house for GY$6 million and lower.
The President also announced that the other categories of home ownership such as young professionals and the middle income ranging from GY$6.01 million to GY$25 million would receive two slings of cement.
The President lauded local banks for their
Commitment and cooperation.
This comes on the heels of a policy that will allow would-be borrowers (once qualified) to not produce a percentage requirement for loans below $6 million. “So, you wouldn’t have to find the 10 and 20 per cent…I want to congratulate the banks..” he said.
The President said that banks have also agreed to reduce interest rates for housing and buildings up to GY$9 million to 3.8 percent.