Home builders

President announces steel, cement and financial stimulus for homebuilders – Demerara Waves Online News – Guyana

Updated on Friday, July 22, 2022 at 10:34 p.m. by Denis Chabrol

President Irfaan Ali at the opening of the 2022 International Building Expo

President Irfaan Ali on Friday night announced free “steel and cement” packages as well as no down payment and reduced interest rates for people wishing to build their own homes.

He told the opening of the 2022 International Building Expo that people who want to build a house for GY$6 million and below, the government will “support home ownership” by “giving every family in the category of affordable houses” steel and a cement sling to build their foundations.

Dr. Ali also said that for all other categories of owners, such as young professionals and the middle income category ranging from GY$6.01 million to GY$25 million, would receive two cement slings.

According to the Guyanese leader, the package of measures aims to “continue aggression in the housing sector and make home ownership more affordable and lift more Guyanese out of poverty and increase the net worth of every single Guyanese.

The President hailed Demerara Bank, Republic Bank, Guyana Bank for Trade and Industry, Bank of Baroda, Citizens Bank and Scotiabank agreed that potential borrowers would not have to first produce a requirement of percentage for loans below GY$6 policy of this government. “Once you qualify through the common window system, the government comes in with you, now the commercial banks are with you,” he said.

Banks, he said, have agreed to cut interest rates for housing and buildings up to 8 million GY to 3.8%. “This comes at just the right time as the world raises interest rates. These are direct responses to government policies,” he said.

Dr. Ali sought to assure participants as well as other Guyanese that they would not be discriminated against regardless of their political affiliation. “Whether your political views are aligned with the government or not, you have a seat in this (One Guyana) vehicle. I urge you (to) ignore anyone who tells you not to take that seat. Claim your seat in this vehicle, embrace the prosperity that will come your way,” he said.

The president said official figures show loans to households increased by 13% of total loans, which grew by 20% to GY$310 billion in less than two years. He added that mortgage lending increased by GY$16 billion or 21%, and total lending to the construction center was GY$15.6 billion or a 50% growth since his party was declared the winner.