Requirements for a Housing loan

  • Application Form
  • ID/ Passport
  • Proof of Address
  • Payslip & Job Letter (Most Recent)
  • Tin Certificate
  • 2 Passport sized photographs
  • Statement of other savings account (If any)
  • Title, Transport or lease
  • Agreement of sale / Land Allocation Document
  • Valuation: Current & Projected (Inclusive Photographs of property)
  • Rates & Taxes Receipt
  • Statement of outstanding loans/ credit union facilities/ Mortgages
  • Detailed Estimate for construction/ Renovation
  • Approved Plan


Housing Loan (Low Income Group Scheme)

Purpose: For construction of a house under the scheme for “Low Income Group” approved by the Government of Guyana (Central Housing & Planning Authority)


a) All individuals having minimum age of 21 years and Gainfully employed.
b) Total Income of the family not to exceed G$100,000.00 per month. Maximum Amount of Loan G$ 2 million

Margin Minimum: 10 %

Rate of Interest: Presently 6.80% p.a. with the monthly rests (Interest to be charged on the loan shall not be greater than the rate charged by the New Building Society Ltd. at the time of making the Loan)

Repayment Period: Maximum 25 years (equated monthly installments), depending on age of the borrowers.

Security: Mortgage of the Land/ Building

Important condition: 

a) In case of salaried class, quantum of loan will be restricted to 50 times the monthly gross salary. Total deductions (including housing loan installment) not to exceed 60% of monthly gross salary.
b) In case of applicants other than salaried class, loan amount will be restricted to five (5) time annual average of last three (3) years net taxable income plus depreciation.
c) Maximum age limit 60 years (i.e. applicants present age plus loan repayment period.
d) To compute quantum of loan, income of the spouse may also be considered.
e) The property must be adequately insured against fire and natural calamity insurance.
f) In case of full repayment/ foreclosure 0.5% fees will be charged for each year of the residual period subject to maximum of 3%.
g) Processing fee of 1% subject to maximum of G$ 20,000/-


Housing Loan (General Scheme):

Who are qualified:

a) Individuals who are above 21 years old and has been gainfully employed with the same company for a continuous three (3) years.
b) Self employed persons filing income tax return since last three years


a) Purchase of a new house
b) Purchase of an old house
c) Purchase of a plot of land and construction of a house
d) Repairs and renovations of existing house
e) Repayment of housing loan taken from other banks/finance companies.

Maximum Loan Amount:  G$ 100 million G$ 10 million- for repairs and renovation.

Margin: 20% of cost of project

Repayment Period: Maximum 25 years, depending on the age of retirement (60 years)

Rate of interest:

  • 8% p.a. for loan up to 2 million
  • 8.50% p.a. for loan 2 million and up to 5 million
  • 10% p.a. for loans above 5 million
  • 12 % for loans above 10 million

Maximum Loan: Salaried class workers will be restricted to 50 times their monthly gross salary. In case of self employed persons loan amount will be restricted to 5 times the annual average of last three years net taxable income, plus depreciation. Total deductions (including proposed loan installment) must not exceed 60% monthly gross salary in case of salaried individuals and must not exceed 60% monthly net income in case of others.

Security: Mortgage on the property financed.

Insurance: Borrower shall have to arrange for fire and natural calamity insurance against the property financed, assigned in Bank’s favour.

Valuation: A Valuation from an approved government valuation officer or Bank’s approved panel, as to the value, age and future life of the property is required.

Foreclosure Charges: 0.50% every year of the residual period of the loan subject to a maximum of 3%.