Low Income Housing | Residential Mortgage Loans | GBTI Guyana

Housing Loans

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Low-income Housing

Low-income earners now have the opportunity to own their own homes with GBTI’s Low Income Housing Loan. Mortgage repayment extends up to thirty (30) years. Customers are required to contribute a minimum of 10% towards the cost of the house and land. Loans can be accessed for both building and buying up to a maximum of $10M.

Interest rates are as follows:

4.9% – 6.9% per annum under $10M

 

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Documents required to make an application are:

  1. Identification card/Passport along with (1) passport size photo.
  2. New Drivers Licence and/or TIN Certificate
  3. Proof of address (utility bill, rental receipt, etc.)
  4. Employment confirmation letter and (3) consecutive months’ pay slips
  5. Proof of income if self-employed (Business Registration, Recent Financial Statements for the past two years and cash flow projection for the next 12 months)
  6. Statement of outstanding loans/Hire Purchase (if applicable)
  7. Marriage Certificate (If applicable)
  8. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  9. Certificate of Valuation for the property being purchased from a Government Valuation Officer (Officers are located at the Government Valuation Office, Camp Street, G/Town)
  10. Copy of recent Rates and Taxes/Lease rental receipt and Water Rates receipt
  11. Estimates of construction cost accompanied by an approved plan
  12. Proof of 10% contribution (land purchase/development is considered part of equity contribution)

A Mortgage over the property will be required as Collateral in addition to adequate Fire and Life Insurance coverage.

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Residential Mortgage Loans

The GBTI Residential Mortgage Plan has been structured to meet the needs of the middle-income earner who wishes to build a three or four bedroom house.

Interest rates are as follows:

9% per annum up to $10M

9.5% per annum upto $20M

10.5% per annum over $20M

 Under this scheme, the repayment period is up to 30 years and repayment must not exceed 30% of your gross monthly income. The borrower is required to contribute 10% of the cost of the project.

The requirements for obtaining a Residential Mortgage Loan are:

  1. Identification card/Passport along with (1) passport size photo.
  2. New Drivers Licence and/or TIN Certificate
  3. Proof of address (utility bill, rental receipt, etc.)
  4. Employment confirmation letter and (3) consecutive months’ pay slips
  5. Proof of income if self-employed (Business Registration, Recent Financial Statements for the past two years and cash flow projection for the next 12 months)
  6. Statement of outstanding loans/Hire Purchase (if applicable)
  7. Marriage Certificate (If applicable)
  8. Copy of Transport/Title/Lease Document or Letter of Intent/Agreement of Sale and Purchase if the property is being purchased
  9. Certificate of Valuation for the property being purchased from a Government Valuation Officer (Officers are located at the Government Valuation Office, Camp Street, G/Town)
  10. Copy of recent Rates and Taxes/Lease rental receipt and Water Rates receipt
  11. Estimates of construction cost accompanied by an approved plan
  12. Proof of 10% contribution (land purchase/development is considered part of equity contribution)

A Mortgage over the property will be required as Collateral in addition to adequate Fire and Life Insurance coverage.

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