NBS is inviting low-income consumers with land to take up mortgages with them

The New Building Society Ltd is inviting low-income consumers with tracts of land to take up mortgages with them.

The advertisement reads as follows:-

“Attention low income allottees.

“All those persons who have recently acquired house lots through the Ministry of Housing, and are having financial difficulties getting started, you should visit NBS at our Chief Office or any of our Branches countrywide to discuss financing for your new homes.

“NBS offers the best low income Mortgage Package at the very attractive Rate of 4.95% per annum up to a maximum of $3 million to assist you in realizing the dream of a lifetime – a home of your own.
“Come on in and talk to us.
“For further information, kindly contact the Society’s Chief Office on Telephone Number 227-4444, email at nbsltd@networksgy.com, or call or visit any of our branches as follows:
New Amsterdam:   333-2893, 2157, 5024

Linden:          444-6543

Rosignol:          330-2341

Williamsburg        322-5035

Corriverton:        335-3344

Essequibo:        771-4956
“We are the Premier Agency for Home Loans in Guyana. With the best interest rates.
“Promoting housing in Guyana for over 69 years.”

A consumer who opened a mortgage account with NBS in June, 2005 reports that his repayment was $9,340 per month for 25 years; interest payments were as follows:-
Amount

$1,000.000.  Period June 3 to December 31, 2005. Interest:- $89,340

In 2006  $1,500,000.  Interest:- $76,143.74

In 2007 January to December 31. Interest:- $84,994.11
(Interest:- $80,214.14 for 2008 was deducted on January 1, 2008 with a note (31.12.08).

There are complaints that when opening a mortgage the consumer is advised to take McDoom lawyers, as their lawyer.

The charge is high and some consumers reported that they could have had legal services free of charge.