The government and the banking sector have clarified the framework for condominium financing, confirming that there are no legal or institutional barriers to the registration of condominium mortgages under the Condominium Act 2022.
They examined existing administrative processes and agreed that while enhanced coordination and training between institutions is necessary, the legal framework itself is sound, operational, and fully capable of supporting condominium mortgage transactions.
Following substantive deliberations, they reached a consensus that the Condominium Act 2022 is functioning effectively as intended and that no impediments are preventing financial institutions from processing condominium-related mortgages.
The meeting, which was convened on Tuesday by Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, SC, at the Attorney General’s Chambers, saw representatives from the Guyana Association of Bankers Inc (GABI), the Deeds and Land Registries, the Central Housing and Planning Authority (CHPA), and legal officers involved in the drafting and implementation of the legislation.
The engagement forms part of ongoing efforts aligned with President Dr Mohamed Irfaan Ali’s directive for commercial banks to adopt a more proactive role in advancing financial inclusion and expanding mortgage access within new housing schemes.
The meeting further underscored the importance of strengthened collaboration between banks, the Deeds and Land Registries, and the CHPA to ensure consistent application of procedures and improved efficiency in the housing finance system.