NBS should be allowed to raise its mortgage ceiling

Dear Editor,

I know that the Dr Ashni Singh is extremely busy but I am writing with hope that he will grant this wish of mine which would benefit me and many hundreds of fellow Guyanese.

Through this government, both my wife and I have decent jobs with a moderate income. We have recently acquired a piece of land and have taken out a mortgage from the New Building Society (NBS)  to complete construction of our dream home which is presently under construction. As both my wife and I are working, we took the full amount of twelve million dollars offered by NBS to aid in the construction of our home.

We received a detailed estimate from our contractor and have added an additional twenty-thirty per cent to the amount on this estimate. What we did not cater for and had to expend large sums on, was the land, which was extremely low. We had to spend a lot to fill it in and among other things, make good the theft of materials.

Materials are also very expensive and the fact is that it is not only a dream home we are constructing but one that we want to build strongly, so that it will pass down from generation to generation.

As is it, we need at least two million dollars more as we need to construct all four fences, build up the yard, build drainage, etc. At the present rate, we can afford to pay back the monthly instalment to NBS, if we can get this additional amount, bearing in mind that we will be getting some cash back with regard to the policy dealing with mortgage relief, as announced in the 2013 national budget.

We note that at their last annual general meeting, NBS indicated their desire to raise their mortgage ceiling to fifteen million dollars. All they need is approval from the Ministry of Finance. Obviously, if this is granted, it would benefit myself and many others who need some extra cash to complete their home. In fact, if one visits all the new housing schemes, you would see a lot of incomplete homes.

There is a perception that the Ministry of Finance’s refusal to give this approval to NBS is because they are afraid that too many beautiful homes would be completed which would cause discomfort amount the elites. If so, I find this a form of discrimination considering Guyana is a developing country and advocates strong human rights. I love my country and would not leave here to live elsewhere. Of course, I am not one of the elite!
As a moderate income holder, why should I be treated as some second class citizen? All I wish is for the complete construction of my home.

On behalf of my family, I am appealing to the Minister of Finance, to grant approval to the New Building Society so that they can raise their mortgage ceiling to fifteen million dollars.

Yours faithfully,
Akanni Persaud

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