The New Building society on Wednesday announced a number of reductions in rates for house mortgages.
The new rates are as follows: for loans valuing $1 million but not exceeding $4 million, the rate is now 3.5%, while for loans valued at $4.1 million but does not exceed $9 million, the rate is now 3.75% and loans valuing between the amounts of $9 million to $20 million, the rate now stands at 5.7%.
The rates were previously 4% and 5.95%, respectively. This reduction takes effect tomorrow. Meanwhile, the board also announced that from January 1, 2023, they would change the interest calculation to that of reducing the monthly balance upon the payment of every monthly sum due and payable.
With the reduction in these interest rates, some 9,634 mortgagors will benefit by approximately $210M of their instalments for 2022 and will continue to benefit from this until the loan period ends.
All of these announcements were made by the Chairman of the New Building Society, Dr Nanda Gopaul, who said these relief measures stemmed from engagements with President Irfaan Ali. He said the Society recognises the growth and boom of the housing sector.
“We recognise that interest rates in this country was high, and we believe that if we want to make it affordable, we ought to start as one of the leading housing building institution in this country. We decided that we are going to set the league […] We want people to benefit from these housing drives and benefit from a mortgage that is affordable,” he told a press conference.
The NBS has committed to releasing substantial cash resources valued at approximately $20 billion to support the housing sector.
Only recently, President Irfaan Ali visited Region Nine and announced that persons could access loans valued up to $2 million with an interest rate of 3.50% - the lowest in the country.
Persons who are desirous of accessing a loan can visit the New Building Society’s chief office at Lot 1 North Road and Avenue of the Republic, Georgetown.
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