Mortgage Interest Relief

 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

  1. 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 completed the construction of your house or the the total loan to purchase your house should not exceed thirty million dollars (G$30,000,000).

 

   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:

Upon visiting the GRA's Headquarters, the following documents must be submitted to effect the processing of your Mortgage INterest Relief Application:

NOTE:

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.

For any additional information.