GBTI rolls out HomeStart Advantage Savings Account

Aug 12, 2024 News

Minister within the Ministry of Housing and Water Susan Rodrigues during the launching ceremony

…Aims to promote savings for home ownership

Kaieteur News – The Guyana Bank for Trade and Industry Ltd [GBTI] in its efforts to encourage persons to save to acquire a home has rolled out the HomeStart Advantage savings account on Friday.

This was revealed by officials of GBTI during the opening of International Building Exposition, being held at the National Providence Stadium, East Bank Demerara (EBD). Those present at the launching ceremony were Chief Commercial Officer of GBTI, Rawattie Mohandeo, and other staffers of the bank.

While acknowledging the struggles persons who desire home ownership face, Mohandeo said that GBTI intends to play a part in ensuring that potential home owners have an efficient amount of money to finance the building and maintenance of a house.

As such, the HomeStart Advantage savings account is the latest development made by GBTI, which aims to allow customers to systematically save towards there housing loans from the earliest stage, from the moment that an application is made for a house lot.

Mohandeo said, “We have designed this account with a deposit only feature to encourage consistent saving, ensuring that our customers are well prepared for when the time comes for payment.”

While expressing that that Building Exposition does not only symbolizes progress but also embodies the shared dreams of many persons who desire home ownership, Mohandeo continued, “At GBTI, we understand that home ownership is more than just the financial goal, it represents stability security and the foundation of building a future filled with memories.”

Chief Commercial Officer of GBTI, Rawattie Mohandeo

The Chief Commercial Officer highlighted that one of the features of this account is predetermine monthly deposit. This feature will be calculated in consultation with loan officers. “…This personalized approach ensures that saving accumulates steadily overtime so that when the Central Housing and Planning Authority (CH&PA) is ready to allocate your house lot, you will have your equity saved and ready to make the necessary payments.” Mohandeo said during the launching ceremony.

On the basis of benefits, Mohandeo explained that the HomeStart Advantage savings account is substantial. The bank will be offering a 100 waiver and application fees, a 25 percent discount on negotiation fees and up to $100,000 cash back, once customers’ loan is approved and dispersed. This account is also build with convenience; security and deposit transaction are restricted as to ensure that the account is focused strictly on saving.

Additionally, the Go banking platform will provide customers with access to monitor and add to the savings account. This innovation compliments the low interest rate that GBTI offers and also the Dream Big housing campaign.

Meanwhile in her remarks, Minister within Ministry of Housing and Water, Susan Rodrigues congratulated GBTI for their dedication to customers and working together with the Ministry to promote house ownership.

“I am even more pleased that GBTI is one of the few private institutions, or one of the few members of the private sector who keeps evolving as our economy keeps growing,” Minister Rodrigues said.

To this end, the Minister added, “This is a fantastic opportunity for people to start saving for their house lot and building a relationship with this bank. So, they can move on to home ownership once they receive their land and are ready to construct their homes.”

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GBTI, home ownership, HomeStart savings account, Rawattie Mohandeo, Susan Rodrigues

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