L.R.O. 1/2012
LAWS OF GUYANA
HOUSING DEVELOPMENT ACT
CHAPTER 36:24
Act
35 of 1970
(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
1 – 30 ... 1/2012
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Index
of
Subsidiary Legislation
Page
Housing Development (Mortgage Guarantee) Regulations
(Reg. 4/1973)
13
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CHAPTER 36:24
HOUSING DEVELOPMENT ACT
ARRANGEMENT OF SECTIONS
SECTION
PART I
PRELIMINARY
1. Short title.
2. Interpretation.
PART II HOUSING FUND
3. Establishment of Housing Fund.
4. Composition of Fund.
5. Application of Fund.
6. Custody and investment of Fund.
7. Audit and report of Fund’s transactions.
PART III MORTGAGE GUARANTEE
8. Mortgage guarantee.
9. Insurance fee.
10. Purchase of mortgaged property.
11. Mortgage Insurance Fund.
12. Regulations.
__________________________

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CHAPTER 36:24
HOUSING DEVELOPMENT ACT

35of 1970 An Act to provide for the establishment of a Housing Fund
and the effectuation of mortgage guarantees by the
Government for the purposes of housing development
and other matters incidental thereto.
[31STDECEMBER, 1970]
PART I
PRELIMINARY
Short title.

Interpretation.
c. 36:20
1. This Act may be cited as the Housing Development
Act.
2. In this Act—
“approved mortgagee” means a body corporate for the time
being approved by the Minister for the purpose of
effecting mortgages which may be guaranteed as
provided by this Act;
“borrower charges” means such prescribed charges,
advanced by an approved mortgagee in accordance with
normal mortgage practices to safeguard the interests of
the mortgagee or the Government or both;
“Central Authority” has the same meaning as in the Housing
Act;
“Fund” means the Housing Fund constituted under section 3;
“insurance fund” means the Mortgage Insurance Fund
established pursuant to section 11;
“mortgage guarantee” means a mortgage in respect of which
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Establishment
of Housing
Fund.

Composition of
Fund.
there subsists a guarantee executed pursuant to section 8;
“service charge” means the service charge made or approved
by the Minister for administering a mortgage guarantee.
PART II HOUSING FUND
3. There is hereby established a fund to be known as
the Housing Fund which is available for the purposes set out
in section 5 and to which at the commencement of this Act
there shall be transferred by the Central Authority or on its
behalf all sums standing or paid to its credit, or hereafter
accruing to it, pursuant to the sale or lease by the Government
of lands or buildings or arising under mortgages executed in
favour of the Central Authority in respect of the sale or lease.
4. The Fund shall consist of—
(a) sums transferred thereto pursuant to
section 3;
(b) sums appropriated thereto from the
Consolidated Fund;
(c) sums received by the Government
from time to time as loans or grants
for the purpose of housing in Guyana;
(d) sums accruing by way of interest on
moneys of the Fund deposited
pursuant to section 6;
(e) sums arising from the sale or rental of
lands or buildings under the
administration of the Ministry
responsible for housing;

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Application of
Fund.

Custody and
investment of
Fund.
(f) such other sums as may from time to
time accrue to the Fund.
5. The purposes to which the sums standing to the
credit of the Fund may be applied, are—
(a) expenditure in relation to the capital
costs of constructing dwelling houses,
the property of the Government;
(b) expenditure in relation to the
acquisition and development of lands
or buildings for the purposes of
housing;
(c) the discharge of liabilities relating to
insurance, rates, taxes and other liens
in respect of lands or buildings to be
used for housing, or which were so
used by the Government and are
subject to mortgages in favour
thereof;
(d) the repayment of loans raised by the
Government for the purposes of
housing, together with other charges
incidental thereto;
(e) subject to section 1l(d), the
redemption of any debentures issued
under this Act;
(f) such other purposes relating to
housing as may be authorised by
affirmative resolution.
6. The Fund, or any part thereof, may be deposited
with the Guyana National Co-operative Bank and any part of
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Audit and
report of
Fund’s
transactions.


Mortgage
guarantee.

the Fund which is not required for early disbursement may be
invested in such securities as the Minister responsible for
finance may specify.
7. (1) The Minister shall cause to be kept annual
accounts of the transactions of the Fund for the preceding
financial year and, the accounts shall, within four months of
the end of that year, be submitted for auditing to the Auditor-
General.
(2) A report on the transactions of the Fund during
the preceding financial year together with a statement of the
accounts as audited in accordance with subsection (1) shall
within six months of the end of that year, be laid by the
Minister before the National Assembly.
PART III MORTGAGE GUARANTEE
8. (1) Where the payment of a loan for the purchase of
a house (whether or not in addition to the land whereon it
stands) or for the construction thereof is secured by a
mortgage on that house and land (if any) and the mortgage
contains a condition that, unless the Minister otherwise
permits, the mortgagor shall reside in the house during the
subsistence of that mortgage, the Minister, or any public
officer duly authorised by him, may, subject to this Part and
the regulations, enter into a written guarantee on behalf of the
government with the parties to the mortgage in accordance
with subsection (2).
(2) The guarantee referred to in subsection (1) shall
provide that in the event of the mortgagee foreclosing the
mortgage and having the property sold, the mortgagee shall,
if the net amount realised by the mortgage upon the sale is
less than that owing under the mortgage, recover under the
guarantee—

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(a) a sum equal to the difference between
two-thirds of the value of the
mortgaged property and ninety per
cent of that value, or such other sum
the aggregate of which and the
amount realised would not exceed the
principal amount outstanding under
the mortgage at the time of sale,
whichever is the lesser sum;
(b) borrower charges made before and
after the date of the exercise of the
power of foreclosure;
(c) interest at the mortgage interest rate
on each sum specified in paragraphs
(a) and (b)—
(i) for the period for which interest
thereon was due or accrued
and unpaid at the date of sale,
or
(ii) for a period of one year,
whichever is the shorter period;
and
(d) such fee in respect of administration
expenses during the default period, as
may be prescribed.
(3) In calculating the amount payable under the
guarantee pursuant to this section, amounts received for the
credit of the mortgage account shall be credited at the date of
the receipt thereof in such manner as may be prescribed.
(4) No payment shall be made by the Minister
under the guarantee unless the Minister is satisfied that the
mortgagee has taken such steps in respect of the mortgage
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c. 5:01

Insurance fee.
Purchase of
mortgaged
property.
account as were in accordance with normal mortgage
practice.
(5) Notwithstanding anything to the contrary in
this Part, the proceeds of the sale of the mortgaged property
in respect of which a guarantee was given under this section
shall be applied in accordance with section 30 of the Deeds
Registry Act.
(6) This section applies to—
(a) a newly constructed house, the cost of
construction of which, in the opinion
of the Minister, having regard to
normal building costs prevailing at
the time of its construction, would not
exceed fifteen thousand dollars,
inclusive of the cost of the land; and
(b) any other house the purchase price of
which is not more than fifteen
thousand dollars, inclusive of the cost
of the land.
9. (1) The mortgagee under a mortgage guarantee
shall pay to the Minister in respect of the guarantee an
insurance fee at a rate not exceeding one per cent of the
principal sum then covered by the guarantee, such rate being
that prescribed at the date of the execution thereof.
(2) The insurance fee is payable at such time or
times as may be specified in the guarantee.
10. (1) It is an implied term of every guarantee that—
(a) where property, the subject of a
mortgage guarantee, is to be put up
for sale pursuant to a foreclosure, the
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Mortgage
Insurance
Fund.
Minister may acquire the property by
purchase and thereafter deal with it as
the property of the Government;
(b) unless otherwise prescribed, the
Minister may, with the concurrence of
the Minister responsible for finance,
satisfy any sum due to a mortgagee,
pursuant to paragraph (a), or the sum
subject to the guarantee, with
Government debentures.
(2) Debentures issued under this Act shall, if not
redeemed as otherwise provided in this Act, be charged upon
the Consolidated Fund and—
(a) bear interest at the rate payable under
the mortgage guarantee;
(b) be redeemable not later than the date
specified in the mortgage for the
repayment of the capital sum or the
sum covered by the guarantee, as the
case may be;
(c) be transferrable only by instruments
of transfer registered in a book kept
for the purpose by the Minister
wherein particulars relating to the
value of the debenture, the date of
issue and transfer, if any, and the
name and address of each holder shall
be recorded.
11. Notwithstanding anything to the contrary in this
Act or in any other law—
(a) the Minister shall establish a fund to
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Regulations.
be known as the “Mortgage Insurance
Fund” the assets of which shall
comprise—
(i) all insurance fees received
under section 9;
(ii) property acquired by the
Minister under section 10;
(iii) investments made and any
sums arising, pursuant to
paragraphs (b) and (c)
respectively;
(b) moneys standing to the credit of the
insurance fund may be invested in such
manner as the Minister responsible for
finance may specify;
(c) moneys standing to the credit of the
insurance fund may be held on deposit with
Guyana National Co-operative Bank;
(d) all payments required to be made by the
Minister pursuant to a mortgage guarantee
or in acquiring property pursuant to section
10 shall first be the liability of the insurance
fund.
12. (1) The Minister may make regulations for
carrying out the provisions of this Act and without prejudice
to the generality of the foregoing may make regulations—
(a) with respect to applications for, the
conditions of, and circumstances
permitting, mortgage guarantees;
(b) for the manner and payment of sums
due under mortgage guarantees;
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(c) the manner and form for the issuing
of debentures and the payment of
interest in respect thereof;
(d) prescribing anything which is
required to be prescribed.
(2) Regulations made under subsection (1) shall be
subject to negative resolution.
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SUBSIDIARY LEGISLATION
_________________
Reg. 4/1973

Citation.

Interpretation.


Application for
an undertaking.

Application
form.
HOUSING DEVELOPMENT (MORTGAGE
GUARANTEE) REGULATIONS.
made under section 12
1. These Regulations may be cited as the Housing
Development (Mortgage Guarantee) Regulations.
2. In these Regulations—
“approved mortgage” means a mortgage that satisfies the
requirements of regulation 8 and is otherwise a form
approved by the Minister;
“undertaking” means an undertaking issued under regulation
5.
3. (1) Where the repayment of a proposed loan of a
sum of money to a person (hereinafter in these regulations
referred to as the “mortgagor”) for the purposes
contemplated by section 8 of the Act is to be secured by the
execution of a mortgage in favour of an approved mortgagee,
the mortgagor and the mortgagee shall, if they desire the
Government to enter into a guarantee to the extent provided
by subsection (2) of that section make an application to the
Minister for an undertaking in accordance with regulation 4.
(2) For the purpose of effecting a transfer or
assignment of an existing mortgage guarantee pursuant to a
sale of property by the mortgagor the sum of money subject
to the guarantee is regarded as a loan to be made to the
purchaser of the property.
4. An application for an undertaking shall be in
Form 1 in the Schedule and shall be submitted to the Minister
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Form1
Schedule.
Undertaking of
guarantee.
Form 2
Schedule.

Application not
approved.

together with—
(a) a fee of two dollars for every
thousand dollars or part thereof of the
sum proposed to be guaranteed,
which fee shall be paid by the
mortgagor, one-half thereof to be
returned if the application is refused
or withdrawn before its approval; and
(b) three copies of the approved plans
and specifications of the proposed
buildings, where the loan is for the
purposes of constructing a house
5. The Minister shall, on approving an application
made under regulation 4, issue an undertaking to the effect
that the Government will in accordance with the provisions of
the Act and these regulations enter into a guarantee to be
subject to the said provisions for the sum mentioned in the
undertaking, which shall be in Form 2 in the Schedule.
6. An application under regulation 4 shall not be
approved—
(a) where—
(i) the repayment of any other
loan by the mortgagor is the
subject of a mortgage
guarantee; or
(ii) there is an undischarged
undertaking in respect of any
other loan to be made to the
mortgagor, unless the parties
for whose benefit such
undertaking was given shall, by
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Guarantee
subject to Act
and
Regulations.
writing under their hand,
release the Government from
all obligations thereunder; and
(b) unless the mortgagor establishes to
the satisfaction of the Minister—
(i) that he has a good credit
standing; and
(ii) that the periodic payments
which he will be required to
make under the approved
mortgage securing the
repayment of the loan referred
to in such application bears a
proper relation to his present
and anticipated gross income.
7.(1) The guarantee is subject to the provisions of the
Act and these Regulations and shall only be entered into—
(a) where the loan is to be made for the
purpose of purchasing a house, if
satisfactory proof of the purchase by
the mortgagor of the house and the
proposed execution of an approved
mortgage by the mortgagor and the
mortgagee securing the repayment of
the loan is given to the Minister; or
(b) where the loan is to be made for the
purpose of constructing a house, if the
plans and particulars in respect
thereof have been submitted to and
approved by the Minister, together
with satisfactory proof of the
proposed execution by the mortgagor
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c. 28:04
Mortgage
proposed for
guarantee to
comply with
certain
provisions
c. 5:02
for the purpose of securing the
repayment of the loan of an approved
mortgage in respect of his interest in
the land where on the building is to
be constructed (and including the
building).
(2) In determining whether the value of a property,
in respect of which a mortgage guarantee is sought, satisfies
the requirements of section 8(2) of the Act, the Minister shall
act upon the value of the property as is certified by an officer
mentioned in section 3 of the Valuation for Rating Purposes
Act.
8. Every mortgage proposed for the purpose of
obtaining a guarantee in consequence of an undertaking shall,
subject to section 8 of the Act, comply with the following
provisions –
(a) the interest of the mortgagor to be
subject to the mortgage shall either be
held by the mortgagor by virtue of a
transport, a transfer under the Land
Registry Act or a lease for a term of
years absolute, such term not to
expire earlier than two years after the
date when the last amortised
payment of the sum due under the
mortgage becomes payable;
(b) the mortgage shall be a first charge on
the mortgaged property;
(c) the mortgage shall bear interest
calculated in respect of periods, each
not exceeding a year, at a rate
approved by the Minister, the
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aggregate of which, and
(i) the rate of the insurance fee
prescribed at the date of the
execution of the mortgage; and
(ii) the maximum rate of the
service charge prescribed for
the purposes of subparagraph
(e)(ii),
shall not exceed an interest rate of ten per cent on the capital
sum for the time being outstanding at any time under the
mortgage;
(d) the terms of the mortgage shall to the
satisfaction of the Minister provide
for—
(i) the complete amortisation of
the capital sum, interest and
other sums, if any, payable
under subparagraph (e) by
monthly payments secured
within a period of not more
than twenty-five years from the
date of the guarantee nor more
than three-quarters of the
Minister's estimate of the
economic life of the building,
whichever is the less;
(ii) the insurance by the mortgagor
of the building against fire and
such other hazards as the
Minister may stipulate, and in
such amount, being not less
than the capital sum of the
mortgage, and with an
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c.91:02
insurance company registered
under the Insurance Act (as the
Minister may approve);
(iii) equal monthly payments by the
mortgagor of such an amount
as will discharge the ground
rent, if any, and the estimated
amount of all rates, taxes, and
other special assessments, if
any, and fire and other hazard
insurance premiums within a
period ending on the interest
payment date immediately
prior to the date on which such
rent, assessments or premiums
as the case may be, becomes
due and owing;
(iv) the adjustment of the monthly
payments referred to in
subparagraph (iii) in case the
estimated amount of such
taxes, assessments and
insurance premiums proves to
be or becomes more or less than
the actual amount thereof so
paid by the mortgagor;
(v) requiring the consent of the
Minister, so long as the
guarantee exists, to the
assignment or conveyance by
the mortgagor to a third person
of his interest in the mortgaged
property;
(e) in addition to the interest permitted
under subparagraph (c) the mortgage
shall provide—
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(i) for payment by the mortgagor
on or before the execution of
the approved mortgage of a
sum equal to the first annual
insurance fee payable by the
mortgagee under section 9 of
the Act; and thereafter for each
and every month during which
the guarantee exists a sum
equivalent to a month's
insurance fee;
(ii) for monthly payment by the
mortgagor of a service charge
at a rate not exceeding the rate
of one per cent per annum of the
balance of the principal sum for
the time being owing under the
guarantee;
(iii) for such other matters as the
Minister may approve;
(f) the mortgage shall permit for the
mortgagor on the expiration of one
year after its execution and upon his
giving ninety days notice in writing,
and paying such additional charges as
may be agreed upon between himself
and the mortgagee, to discharge the
balance for the time being
outstanding, or any part thereof
amounting to the sum of either four
hundred and eighty dollars or five
hundred dollars (at the option of the
mortgagee) or any multiple thereof,
on the day when payment of interest
is due.

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Aggregate
monthly
payment
9. (1) All monthly payments to be made by the
mortgagor to the mortgagee under an approved mortgage
shall be added together and the aggregate amount thereof
paid, on a date to be fixed in the mortgage in a single
payment (in this regulation referred to as the “aggregate
monthly payment”).
(2) The mortgagee shall apply the aggregate
monthly payment towards the discharge of the mortgagor’s
obligations under the mortgage in the following order—
(a) the amount payable under the
mortgage pursuant to regulation
8(e)(i);
(b) the amount payable under the
mortgage pursuant to regulation
8(d)(iii);
(c) the service charge, if any;
(d) interest due under the mortgage;
(e) the amortisation of the capital sum of
the mortgage, the portion thereof
covered by the guarantee being first
liquidated.
(3) For the purposes of section 2 of the Act
borrower charges are such expenses as are incurred by an
approved mortgagee in accordance with the terms of the
mortgage to safeguard the interest of the mortgagee and the
Government for—
(a) insurance premiums for fire and other
hazards insured against;

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Mortgagor to
pay ground
rent and
insurance fee.

Approval of
Minister before
making
deviation from
plans.
(b) taxes and other rates and charges
levied against the property which
have priority over the mortgage;
(c) any premiums in respect of life
insurance required to be effected
under the mortgage; and
(d) such other purposes as may be
approved by the Minister in writing.
10. On or before the execution of the approved
mortgage, the mortgagor shall pay to the mortgagee such a
sum as will be sufficient to discharge—
(a) the ground rent, if any, and the
estimated amount of all rates, taxes,
special assessments and fire and other
hazard insurance premiums for the
period beginning on the date up to
which the ground rent, rates, taxes,
assessments and fire and other hazard
insurance premiums were last paid
and ending on the date on which the
next monthly payment is due under
the mortgage; and
(b) the insurance fee mentioned in
regulation 8(e)(i).
11. (1) The mortgagor or mortgagee, as the case may
be, of an approved mortgage shall obtain the approval of the
Minister before making any deviation from the plans and
particulars mentioned in regulation 7(1 )(b) or effecting any
alterations to a house constructed in accordance with such
plans.
(2) If any mortgagee acts in contravention of
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Notification.
Form 3
Schedule.
Condition of
guarantee.

Mortgagee not
to exercise
power of sale.
paragraph (1), he is liable on summary conviction to a fine of
one hundred dollars.
(3) In this regulation, “mortgagor” and
“mortgagee” include the assignee of, or the successor in title
to, the interest of the mortgagor or mortgagee, as the case
may be, in the house.
12. (1) At the end of each month an approved
mortgagee shall notify the Minister in Form 3 in the Schedule
of all mortgagors who have failed to make any payment or to
perform any other covenants or obligations under mortgage
guarantees to which the mortgagee is a party.
(2) If after the making of a report under this
regulation a mortgagor shall perform the covenant or
obligation occasioning such report, the mortgagee shall notify
the Minister accordingly.
13. It is a condition of every guarantee that the interest
of the mortgagor in the mortgaged property is not less than it
is represented to be in the mortgage deed securing the
repayment of the loan in respect of which such guarantee was
entered.
14. (1) So long as the Government is liable under the
guarantee, the mortgagee with whom the guarantee was
entered into shall not exercise his power of sale—
(a) at any time without giving fourteen
days' prior notice in writing to the
Minister of his intention so to do;
(b) within one month from the date on
which the right becomes exercisable
under the mortgage, except with the
written consent of the Minister;
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Mortgagee fails
to observe
covenants.

Mortgagee
transfers to
assigns
mortgage
guarantee.
c.5:01
(c) without giving the Minister the
option, on the exercise of the power,
of purchasing the property which is
the subject of the mortgage;
(d) by private contract if the Minister
shall request a sale by public auction.
(2) Without prejudice to the provisions of
paragraph (1) when a mortgagee’s power of sale becomes
exercisable, the mortgagee shall exercise the power within
such time and in such manner as the Minister may direct.
(3) Notwithstanding paragraphs (1) and (2), the
mortgagee may at any time after a mortgagor has twice in one
year been in default give seven days’ notice in writing to the
Minister of his intention to foreclose or exercise his power of
sale and if the Minister does not within twenty-one days after
the expiration of the notice exercise an option to purchase the
property, it shall be regarded that the Minister has indicated
that the mortgagee is at liberty to foreclose or exercise the
power of sale and any such sale may be by public auction or
private contract in the discretion of the mortgagee.
15. If the mortgagee fails to observe any of the
mortgagee’s covenants under the mortgage or any of the
obligations imposed by regulation 11, 12(1) or 14 the
Government’s liability under the respective guarantee, unless
the Minister otherwise determines, ceases and the guarantee
is thereafter of no effect.
16. (1) Where an approved mortgagee transfers or
assigns a mortgage guarantee to another person in accordance
with the Deeds Registry Act the Government’s liability under
the guarantee ceases and the guarantee is void, unless—
(a) the assignment was made to an
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Mortgagee to
exercise
reasonable care
and prudence
in
administering
guarantee.
approved mortgagee; or
(b) the person to whom the assignment
was made permits the mortgage to
be serviced, subject to such terms as
the Minister may think fit, by an
approved mortgagee.
(2) Regulation 15 applies in the case of any transfer
or assignment as if the expression the “mortgagee” contained
therein included a reference to the transferee or assignee of
the interest of the mortgagee.
17. (1) An approved mortgagee shall exercise
reasonable care and prudence in the administration of a
mortgage guarantee and the collection and repayment of
sums due thereunder and the approved mortgagee shall be
deemed not to be negligent if the mortgagee follows the
practice and procedure that pertain to the mortgagee's general
practice.
(2) For the purposes of this regulation reasonable
care and prudence consist of—
(a) the keeping of an updated account in
respect of the mortgage debt;
(b) prompt despatch of notices to the
mortgagor of any arrears outstanding,
copies of which should be sent to the
guarantor;
(c) prompt recourse to law in respect of
persistent mortgage defaulters;
(d) the taking of reasonable measures to
ensure that the mortgaged property is
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Rate of
insurance fee
payable.
not dealt with in such a manner as
may prejudice the interests of the
mortgagee or the guarantor;
(e) prompt notices to a mortgagor
requiring him to remedy immediately
any breach of his obligations under
the mortgage deed, particularly with
regard to the payment of rates and
fire insurance in respect of the
mortgaged property;
(f) ensuring that the mortgaged property
is effectively covered with fire
insurance.
(3) If an approved mortgagee is negligent in the
administration of a mortgage guarantee or the protection of
the security therefor, the Minister may deduct from any sum
payable under the guarantee the amount of damages
sustained by the Government as a result of the negligence.
(4) If the Minister and the approved mortgagee are
unable to agree on the extent of the negligence or of the
damages arising therefrom, then the matter shall be referred
for arbitration to a sole arbitrator acceptable to the Minister
and the approved mortgagee or if no sole arbitrator is
acceptable to both parties, then to two arbitrators, one of
whom shall be chosen by each party and an umpire to be
chosen by the two arbitrators.
(5) The costs of the arbitration shall be borne as
agreed between the parties or in default of such agreement as
shall be determined in the arbitration award.
18. For the purposes of section 9 of the Act the rate of
the insurance fee payable is half per cent.

LAWS OF GUYANA
26 Cap. 36:24 Housing Development
[Subsidiary] Housing Development (Mortgage Guarantee) Regulations
L.R.O.1/2012
________________
SCHEDULE
FORM I
HOUSING DEVELOPMENT (MORTGAGE GUARANTEE)
REGULATIONS
APPLICATION FOR UNDERTAKING
To: The Minister of Housing.
Pursuant to regulation 3 of the Housing Development
(Mortgage Guarantee) Regulations application is hereby
made for an undertaking that the Government will enter into
a guarantee with the parties hereto in respect of the
repayment of the sum of $..............................being a portion of
the sum of $...............................to be lent by the mortgagee to
the mortgagor for the purpose of purchasing/constructing the
house particulars of which are set out hereunder.
The loan of $................................is to bear interest at the
rate of per cent per annum and will be repayable
in..................years by equal monthly instalments of
$..............................covering principal and interest, and will be
secured by an approved mortgage.
The applicants agree to furnish the Ministry with such
other information as the Minister may require for the purpose
of this application.
The application fee of $........................................is
submitted herewith.
Reg. 4
LAWS OF GUYANA
Housing Development Cap. 36:24 27
[Subsidiary] Housing Development (Mortgage Guarantee) Regulations
L.R.O. 1/2012
PARTICULARS
To be filled in where loan is
for purchasing house.
Situation of house
......................................................
Form of title to land
Present Owner...........................
Purchase price............................
*To be filled in where loan is
for constructing house.
Location of construction site
...................................................
Form of Title to construction
site. Estimated cost of
construction.............................
...................................................
Estimated cost of site
improvement, if any ..............
...................................................
...................................................
Builder ...................................
NOTE
(a) Plans and
Specifications in
triplicate to be
submitted herewith.
(b) Plans and
Specifications will be
returned if applications
rejected. Two copies
will be returned if
applications approved.
Dated this day of
......................................................
Mortgagor

...................................................
Approved Mortgagee
Address....................................... *Delete whichever is inapplicable.

Address.....................................
________________

LAWS OF GUYANA
28 Cap. 36:24 Housing Development
[Subsidiary] Housing Development (Mortgage Guarantee) Regulations
L.R.O.1/2012
reg. 5
c. 36:24
FORM 2 HOUSING DEVELOPMENT (MORTGAGE GUARANTEE)
REGULATIONS
UNDERTAKING TO GUARANTEE
Name and Address of Approved
Mortgage File Number
Description of
property

Your application for an undertaking to guarantee
dated............................................ has been considered and the
Minister hereby undertakes to enter into a guarantee on
behalf of the Government in accordance with the Housing
Development Act and the Housing Development (Mortgage
Guarantee) Regulations in the sum of $................................... in
respect of a mortgage loan $....................................... on the
property described in the aforesaid application, the said
guarantee being subject to the said Act and regulations.
Construction shall conform to the approved plans and
specifications submitted with your application or previously
approved by the Minister. In the case of non-compliance, the
Minister in his sole discretion may vary the amount of
guarantee.
The application fee unless previously remitted is now
payable in the amount of $........................................
The following terms and conditions are to apply to the
mortgage to be made with respect to the referred guarantee.
Any variation in those terms and conditions not approved in
writing by the Minister may result in withdrawal of the
guarantee: —

LAWS OF GUYANA
Housing Development Cap. 36:24 29
[Subsidiary] Housing Development (Mortgage Guarantee) Regulations
L.R.O. 1/2012
Interest Rate.............% Ground rent: $..................per month
Service charge..........% Amortisation rate:$..........per month
Guarantee Fee..........% Amortisation terms:..................Years
This undertaking is issued subject to the compliance by
you and the mortgagor with the requirement of the
abovementioned Act and Regulations.
Dated............................ Signed .......................................
Minister

LAWS OF GUYANA
30 Cap. 36:24 Housing Development
[Subsidiary] Housing Development (Mortgage Guarantee) Regulations
L.R.O.1/2012
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