What are the requirements for a bank loan in Guyana?
The information below is for the New Building Society (NBS)
Date: 1st September 2022
Mortgage Requirements:
- Photograph of building showing front and side view with the Lot # affixed.
- Copy of Transport, Title, Lease or Agreement of Sale.
- Approved Plan.
- Letter from Employer stating: position, years of service and income.
- Identification (I.D. or Passport), Tax Payers Identification Number and Proof of Address.
- Processing Fees; Application fee, Credit Report Fee & Legal Fee.
Credit Report
The Crediting Reporting (Amendment) Act 2016 Requires a credit provider or lender to pull a credit report from the credit bureau with consumer’s prior written consent before granting or renewal of credit facilities to a consumer.
Cost:
There are legal costs involved in obtaining Transport or Title to the property. An estimate of these costs can be obtained from the Society’s Solicitors. There are also legal fees , Inspection Fees and Credit Report fees in connection with the mortgage in favour of the Society.
How Repaid:
The loan is repayable by equal monthly installments which include a proportion of the principal and also the interest charge, calculated according to the amount loaned and term of years chosen.
Monthly Repayment:
The maximum repayment term of 30 years is for houses constructed of concrete or brick, 15 years being the maximum term for greenheart construction.
How Interest is Charged:
Interest is calculated daily on the Reducing balance of the Loan. There is a clause in the mortgage deed giving the Society power to increase or decrease the interest rate, should it become necessary to do so during the term of the mortgage.
Maximum Loan:
The maximum loan you can obtain from the Society is $20,000,000. Priority is given to applicants who are building or acquiring houses for owner occupation.
