First-time homeowners can now deduct the full interest paid on their home loans from their taxable income, after the government doubled the relief ceiling under Section 28 of the Income Tax Act, President Dr Mohamed Irfaan Ali announced on Thursday at the opening of the International Building Expo at the Guyana National  Stadium in Providence.

The ceiling now covers mortgages of up to $30 million, up from the previous limit.

“What does this mean in practice? It means the government is sharing the cost of your mortgage with you,” President Ali said. “We’re not just giving you access to a loan. We are making the government your partner in building your home,” according to Dr Ali.