The Income Tax Act has been amended by the Income Tax Act Income Tax (Amendment) Act 2020 to increase the housing loans threshold for Mortgage Interest Relief available to individuals from GYD 15M to GYD30M, effective 1 January 2020.
Individual taxpayers can claim as a deduction the interest paid on home mortgage loans owed to licensed financial institutions or approved mortgage finance companies for
- (a) the purchase of land for constructing a residential building;
- (b) the construction of a residential building; or
- (c) the acquisition of a residential building, to be occupied by the individual as a first time home owner,
where the principal amounts of the housing mortgage loans do not and did not at any time exceed the sum of thirty million dollars (GYD30M) in the aggregate.