Inadequate housing and high cost of rent are quickly becoming things of the past in Guyana, South America as the Ministry of Housing and Water embarks on a project to put adequate roofs over the heads of all Guyanese. Now, Guyanese can own their own homes and concentrate on more important things like their jobs, businesses, and careers.
Previously, working professionals found it challenging to acquire their own homes or work out of area due to the high and impractical cost of rent. And it is this discouraging and counter-productive system that the government is fighting against with its recently launched nationwide housing programme.
The turnkey housing programme was conceptualized by President Irfaan Ali who is now giving the project his full support. Now it’s possible to own a beautiful two-bedroom upper flat concrete structure like the one shown above for $7.5 million one-time payment or $35,000 monthly through Republic Bank Financing.
These beautiful turnkey homes which come in different prices and styles is part of the government’s manifesto to improve the living standards of Guyanese. Presently, over 1000 homes are being built across Guyana to accommodate Guyanese of different earning capacities.
Subsidizing Construction Costs
Providing turnkey homes with available financing is not the only action the government is taking to put better roofs over the heads of citizens. President Ali announced on the 22nd of July, 2022 that his government will give massive support to persons building their own homes. This includes financial support through local banks and free construction material.
The president announced that his government will support construction of new homes in the following ways.
Free Construction Materials.
For homes up to six million dollars, the government will grant the steel needed to construct the house along with 1 sling of cement.
For homes ranging from six to twenty million dollars, the government will provide the steel needed for construction along with 2 slings of cement for the construction of the said house.
President Ali announced that his government is working with local banks to reduce interest rates and also to provide 100% financing for persons looking to construct a house. In this regard the government has collaborated with local banks to give 100% financing with an interest rate as low as 3.8% to citizens for housing loans up to 9 million dollars.
For more information on how you can become the owner of your own home through the government’s housing program, contact the Ministry of Housing and Water via their website.