Chairman of the New Building Society (NBS) Dr Nanda Gopaul announced on Thursday that customers will now be able to benefit from an increased lending ceiling.
According to Gopaul, the society’s maximum lending rate has increased from $8M to $12M, following government’s intervention.
He also announced that following approval from the Finance Ministry there has been a reduction in the mortgage rates. The mortgage rates have been reduced from 7.5% to 6.95% while for low incomes homes the interest rate is now 4.95% dropping from 5.5 %.
Dr Gopaul made these disclosures during his address at the sod-turning ceremony to launch the construction of the society’s new head office on North Road and Avenue of the Republic.
The construction of the $770M new Head Office is expected to get underway shortly. The state-of-the-art, four-storey building will be constructed by BK International Construction Company, and will be equipped with special glass windows, an elevator and a parking lot.
President Bharrat Jagdeo was present to symbolically turn the sod at the building site.