Republic Bank (Guyana) Limited
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Commercial Banking

Mortgages

What documents should I present when APPLYING FOR A MORTGAGE?

  • The Agreement of Sale or a Letter of Intent from the vendor.
  • A copy of the Title Document – Transport, Lease, Certificate of Title.
  • A valuation report (to be obtained from one of Republic Bank's approved valuators)
  • All Bank and other financial institutions’ statements showing deposit and loan balances and installments where applicable, Hire Purchase Agreement(s) should also be submitted.
  • Copies of up-to-date rates and taxes and GWI receipts, lease receipts where applicable.
  • Copy of building estimate.
  • A job letter from your employer stating salary, allowances and length of service with a recent pay slip. A certified Statement of Income for self-employed persons.
  • One form of valid identification (Guyana National Identification Card or a Passport).
  • Letter of Assurance from the Central Housing and Planning Authority.

What documents does the Bank require for the CONSTRUCTION, RENOVATION OR EXTENSION
of a property?

The documents required for home construction are the same as for purchasing a home, in addition to the following:

  • An approved building plan from the M&CC or other relevant authority.
  • A detailed, signed estimate with a summary.
  • A projected valuation report.

Approved Valuators:

Government Valuation Office - 237 Camp Street South Cummingsburg

Rodrigues Architects Limited - 126 A Robin’s Place Bel Air Park

Patterson Associates - Lot 1 Thorne's Drive, Durban Backlands
Quick Reference Guide Low Cost Mortgages Easy Home Loan Set for Life
PURPOSE To purchase land and construct residential property under the Government of Guyana Low Income Housing Plan

To be used for all of the following purposes in relation to residential property:

  • Purchase
  • Construction
  • Renovation
  • Extension

Equity in residential property can be used for:

  • Home improvement
  • Home furnishings
  • Education expenses
  • Major medical expenses
  • Automobile purchase
  • Savings and Investments
WHO QUALIFIES First time home owners with Government allotted land Residential home owners Residential home owners
EQUITY Minimum 10% Minimum 10% Available equity in the home
TERMS Minimum 20 years Maximum 30 years
  • Maximum 30 years or years to retirement (purchase / construct)
  • Maximum 15 years or years to retirement (renovation)
 Maximum 10 years
INTEREST RATES
  • 4.95% per annum for amounts up to $3,000,000
  • 6.95% per annum for amounts over $3,000,000 up to $8,000,000
  • 7.5% per annum for amounts up to $7,000,000
  • 9.5% per annum for amounts over $7,000,000 up to $10,000,000
  • 11% per annum for amounts over $10,000,000
SECURITY
  • Mortgage on the land / house for which the loan is being requested.
  • Assignment of fire insurance to cover the replacement cost of the building.
  • Assignment of life insurance for the borrowers.
  • Mortgage on the property being purchased / constructed / renovated.
  • Assignment of fire insurance to cover the replacement cost of the building.
  • Assignment of life insurance for the borrowers.
  • Mortgage on the property.
  • Assignment of fire insurance to cover the replacement cost of the building.
  • Assignment of life insurance for the borrowers.
FEES G$4000

Amounts up to $4,000,000:

  • 0.5% of loan amount: -Minimum $5,500 -Maximum $16,500

Amounts exceeding $4,000,000:

  • 0.5% of loan amount
  • Maximum $155,000

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