In keeping with the government’s commitment to improving access to home ownership, Minister of Finance Dr Ashni Singh on Monday unveiled a major housing package in the 2026 budget that includes $7.5 billion for housing improvement subsidies and sweeping changes for mortgage support.
Dr. Singh told the National Assembly that the $7.5 billion allocation will provide direct assistance to households for repairs and upgrades, building on prior measures such as the steel and cement subsidy that benefited more than 3,000 families and the construction of over 2,000 homes during the last term.
Highlighting efforts to reduce the cost of home ownership, the minister recalled that since returning to office in 2020, the government raised the low‑income mortgage ceiling at commercial banks from $8 million to $20 million. He announced a further increase to $30 million, saying the higher cap will make housing loans at commercial banks more affordable for borrowers.
Dr. Singh also said that the $30 million low‑income mortgage ceiling window will be extended to approved insurance companies that offer housing loans under arrangements similar to those applying to commercial banks, thereby widening access to affordable housing finance.
The minister framed the measures as part of a five‑year strategy to ensure every Guyanese family can access affordable housing while continuing to lower the costs of home ownership nationwide.