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NBS aims for $15M loan ceiling
President Ramotar cuts the ribbon to commission the NBS headquarters.
– President promises jail term for fraudsters selling bogus transports
Mortgage lender New Building Society (NBS) is pushing for a $15M loan ceiling to cater for the middle income bracket.
This was disclosed by Chairman of NBS Senior Counsel Moen Mc Doom, yesterday, at the official opening of the New headquarters located at the Avenue of the Republic.
Despite the commissioning, the final cost of the building was not declared. One official said that it is still being totaled. When the construction was announced, the NBS stated that the building would be constructed at a cost of some US$4 million.
The contractor was BK International who won the bid. At the time the NBS Chairman was Nanda Kishore Gopaul.
NBS has been in existence for 72 years, and its Loans Portfolio account for 51 per cent of its total assets. The society’s liquid assets at the end of 2011 stood at $17.6B as against $16B at the end of the previous year, representing an increase of 10 per cent.
Present at the event were President Donald Ramotar, former President Bharrat Jagdeo, Minister of Finance Dr. Ashni Singh, private sector representatives and special invitees.
President Donald Ramotar congratulated the NBS Board of Directors for their decision to undertake the construction of the spanking new building which better accommodates its staff while enhancing Georgetown.
The President said that NBS has been in the forefront of providing loans, and the institution is instrumental in contributing to the increase in the homeowners market from 1992 to present.
“The government has allocated and regularized 70,000 house lots with homes being constructed and renovated for most of these lots, with the effects being dramatic…which is reflected in the traffic jam leading into and going out of the city at peak hours. The housing drive has transformed the physical landscape of our country.”
Noting that the housing drive is one of the foundation policies of the government, President Ramotar said the NBS has carved its own niche by financing small borrowers.
President Donald Ramotar unveils the plaque of NBS new multi-million-dollar headquarters in the company of (from left) CEO of NBS Ahmad Khan, (immediate right) Chairman of NBS Moen Mc Doom.
“Today, NBS is a market leader in the provision of loans that has allowed tens of thousands of Guyanese to realize their dreams of owning their own home for the first time.”
Adding that NBS was given the same incentives as commercial banks for home loans, the Head of State said the institution has been able to increase the value of its loan portfolio and the number of clients it serves.
“A home loan application is a part of the aspirations of the applicant to fulfill a dream, a dream of owning their own home.”
The president said that house lots distribution will be taken to every region in the country as part of a continuous drive of the government.
“We had put out 1,000 house lots as experiments to see how many overseas-based people wanted to return home (remigrants). The subscriptions have doubled in number; and people are demanding more of them.”
Underscoring that there are persons taking advantage of the housing drive to enrich themselves by committing various types of fraud, the President said that there have been reports of unscrupulous persons defrauding victims by selling bogus transports. “We will try to put them all in jail, including persons who try to corrupt the housing system.”
The President further noted that there are persons building structures and renting them out while they live at a different location. “This is not the purpose of the housing drive. These practices deprive eligible homeowners, particularly married couples, of the opportunity of having their own lots. I have urged greater checks on applicants.”
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