In This Guide
Quick Links
- GRA Mortgage Interest Relief Page Official GRA information on mortgage interest relief eligibility, application process, and policy.
- GRA eServices Portal File tax returns, check your refund status, and manage your GRA account online.
- GRA Banking Institutions List Lending institutions that participate in the mortgage interest relief programme.
What Is Mortgage Interest Relief?
Mortgage Interest Relief (MIR) is a tax benefit introduced by the Guyana Revenue Authority (GRA) in 2013 that allows eligible homeowners to receive a tax refund on the interest they pay on their home mortgage. If you are a first-time homeowner with a qualifying mortgage, the GRA will calculate the interest you paid during the year and credit a refund to your bank account.
The programme is designed to make homeownership more affordable for Guyanese by reducing the effective cost of borrowing. Instead of paying the full interest amount on your mortgage, you can claim relief and receive money back from the GRA.
How It Works in Practice
Think of mortgage interest relief as a rebate on your mortgage interest. Each year, you report the interest you paid to the GRA. They calculate the relief and deposit the refund directly into your bank account. The more interest you pay (up to the $30M loan ceiling), the larger your potential refund.
Eligibility Requirements
Who Qualifies for MIR
The $30M Threshold
The GRA has set the maximum mortgage amount for MIR eligibility at GYD $30,000,000 (thirty million Guyana dollars). This means:
- If your mortgage principal is $30M or less, you qualify for mortgage interest relief (subject to all other criteria being met)
- If your mortgage principal is above $30M, you are not eligible for mortgage interest relief
- The threshold applies to the original principal amount borrowed, not the current outstanding balance
Important Note on the Threshold
Note: there are two separate "mortgage thresholds" in Guyana. (1) The Mortgage Interest Relief (MIR) cap — the maximum mortgage value on which a first-time homeowner can claim income-tax relief — was previously doubled (per Budget Speech 2026 §4.155 reference to a prior-term measure); verify the current MIR cap directly with GRA before relying on a specific dollar figure. (2) The low-income mortgage ceiling at commercial banks (and now also approved insurance companies) was raised from $20M to $30M by Budget Speech 2026 §6.12-6.13 — this is a separate banking-finance measure, not the MIR tax-relief cap. If you previously had a mortgage above the old threshold but refinanced to a lower amount, contact the GRA to determine your MIR eligibility.
How the Relief Works
Once approved for mortgage interest relief, the process works as follows:
- You pay your mortgage: Each month, you make your regular mortgage payment to your bank or lending institution, which includes both principal and interest components.
- Your lender reports interest: Your lending institution provides documentation of the interest portion of your payments.
- GRA calculates the relief: The GRA reviews your application and calculates the tax relief based on the interest you paid during the year.
- Refund credited to your account: The relief takes the form of a tax refund that the GRA credits directly to your bank account.
Estimate Your Mortgage Payments
Use our Mortgage Calculator to estimate your monthly payments and see how much of each payment goes toward interest. This can help you understand the potential value of mortgage interest relief for your situation.
Documents Needed
Required Application Documents
Joint-Ownership Rule
Per GRA’s MIR policy, if a Transport, Title, or Lease has two or more names as owners of the property, only one person is eligible to receive Mortgage Interest Relief. Joint owners must decide between themselves which person will file the MIR application; the other owner(s) cannot also claim MIR on the same property.
If Part of the Property is Rented
If part of your property is being rented out (e.g. a downstairs apartment or a flat), you must declare the rental income and pay the relevant taxes on that income before MIR can be processed. This is a condition of the relief, not a disqualifier — renting part of your home does not disqualify you, but undeclared rental income will.
How to Apply
Check Your Eligibility
Ensure you meet all the eligibility requirements: first-time homeowner, mortgage under $30M, resident of Guyana, occupying the property, and all taxes filed.
Get Forms from GRA
Obtain Form 1 (Application Form) and Form 2 (Letter by Lender) from the GRA Forms page or visit any GRA office.
Complete Form 1
Fill in your personal details, property address, mortgage information, and bank account details for the refund. Ensure all information is accurate and complete.
Request Form 2 from Your Bank
Ask your bank or lending institution to complete Form 2, confirming your mortgage details including the loan amount, interest rate, approval date, and total interest paid. Banks familiar with the MIR programme include NBS, Republic Bank, GBTI, Demerara Bank, and others.
Submit to GRA
Submit both completed forms along with supporting documents to the GRA's Mortgage Interest Relief Unit. You can submit in person at the GRA Head Office at 200–201 Camp Street, Georgetown, or at a regional GRA office.
Await Processing
The GRA will review your application, verify your eligibility, and calculate the relief amount. Once approved, the tax refund will be credited directly to your bank account.
Annual Form 4 Submission
An approval letter will be issued once all criteria are satisfied. Thereafter, you must submit the original Form 4 from your lending institution along with your emolument/7B slip or Income and Expenditure statement annually to continue receiving the relief.
Contact the MIR Unit
For questions about your mortgage interest relief application, contact the GRA Tax Advisory Services Section at 227-6060 or 227-8222 Ext. 8000, email taxadvisory@gra.gov.gy, or visit the GRA Head Office at 200–201 Camp Street, Georgetown.
Mortgage Calculator
Planning to buy your first home? Use our free Mortgage Calculator to estimate your monthly payments, see the interest breakdown, and understand how much you could potentially save with mortgage interest relief.
Calculate Your Mortgage Payments
Enter your loan amount, interest rate, and term to see your estimated monthly payments and total interest.
Mortgage CalculatorFrequently Asked Questions
What is mortgage interest relief in Guyana?
Mortgage Interest Relief (MIR) is a tax benefit from the GRA that allows eligible first-time homeowners to receive a tax refund on the interest they pay on their home mortgage. The refund is credited directly to your bank account.
Who qualifies for mortgage interest relief?
You must be a first-time homeowner who occupies the property, with a mortgage not exceeding GYD $30,000,000. You must be a resident of Guyana, the sole or joint owner and borrower, and have all tax returns filed and taxes paid.
What is the maximum mortgage amount for MIR?
The principal mortgage amount must not exceed GYD $30,000,000 (thirty million Guyana dollars). Housing loans above this threshold do not qualify for mortgage interest relief.
What documents do I need to apply?
You need a completed Application Form (Form 1), a Letter by Lender (Form 2) from your bank confirming your mortgage details, valid ID, proof of property ownership, and all tax returns must be filed.
How much tax refund will I get?
The refund amount depends on how much interest you paid on your mortgage during the year. The GRA calculates the relief based on the interest portion of your payments. The exact amount varies by loan amount, interest rate, and repayment schedule.
Can I apply with a joint mortgage?
Yes. Joint mortgages are eligible for mortgage interest relief. Both the sole or joint owner and sole or joint borrower can apply, provided all other eligibility criteria are met.
How long does the refund take?
Processing times vary. Once approved by the GRA, the tax refund is credited directly to your bank account. Contact the GRA Mortgage Interest Relief Unit for updates on your application status.
Need Help with Other Government Services?
Explore our comprehensive Government Services hub for guides on income tax, property tax, TIN registration, and more.
Government Services HubLast updated: May 1, 2026. Primary sources used for this guide: Guyana Revenue Authority · GRA eServices. Information and fees may change — always verify current requirements with the issuing authority before acting. For general government services information, see our Government Services hub.