Taxpayers, you can benefit from a reduction of thirty percent (30%) of your gross interest that you pay every month on your mortgage to your lending agency starting from the year 2013.
what qualifies me for the relief of interest
- You must be a 'first time' homeowner who took a mortgage from a Lending Agency to:
- Purchase a land for building your home;
- Construct your house;
- Purchase your house
Primarily for Residential Purposes
2. The total loan to purhcase land and complete the construction of your house or the the total loan to purchase your house should not exceed fifteen million dollars (G$15,000,000).
3. You must be the sole or joint owner of the property and sole or joint borrower of the mortgage.
4. You must eventually be residing at the property
5. You must be residing in Guyana.
HOW DO I APPLY FOR THE MORTGAGE INTEREST RELIEF
The Guyana Revenue Authority (GRA) and your Lending Agency are the agencies responsible for ensuring that you get your Mortgage Interest Relief. As such, you must liaise with both parties in completing the following steps:
- Have your Lending Agency complete the Form2 - Letter by Lender and the Schedule of Interest Form (forms can also be uplifted from GRA's Headquarters).
Upon visiting the GRA's Headquarters, the following documents must be submitted to effect the processing of your Mortgage Interest Relief Application:
- Completed Application for Mortgage Interest Relief (Form 1)
- Completed Form 2 (Letter by Lender and Schedule of Interest) Forms
- Copy of your valid Identification Card
- Copy of the bio-data page of your passport and stamped pages
- Copy of Transport/Title
- Pictures of property (front, back and two sides)
- Proof of the elected Mortgagor's savings Account Number
- Your Mortgage Agreement(s) with the Lending Institute.
- The applicant(s) must be resident in Guyana (the sole or joint owner of the property and sole or joint borrower of the morgage).
Applicant(s), which includes all persons listed on the Mortgage Interest Relief Application, are expected to visit the GRA Headquarters for an interview, at a time set by the MIR Officer.
All applicants must qualify for the Relief to be approved.
Failure to submit accurate information to the GRA, may result in revocation of your approval. Defaulting applicants will also be asked to repay all amounts previously granted as a Relief.