-offers five per cent for loans up to $30M

IN a significant boost for aspiring homeowners, Demerara Bank Limited has announced a major reduction in its residential mortgage interest rate to just five per cent for loans up to G$30 million, reinforcing the institution’s commitment to national development and easing the financial burden on Guyanese families.

The announcement comes amid ongoing efforts by President, Dr Irfaan Ali’s administration to make homeownership more affordable and accessible across the country. The President recently revealed that the government is in active discussions with the New Building Society (NBS) to increase its mortgage ceiling from G$20 million to G$30 million with a guaranteed interest rate not exceeding five per cent, mirroring Demerara Bank’s latest move.

“At 9:45 am, I instructed the Minister of Finance to write to the New Building Society and to increase their loan limit to $30 million,” President Ali disclosed, emphasising that this measure aligns with the PPP/C government’s broader agenda to uplift families and improve quality of life through housing access.

Demerara Bank’s updated mortgage package goes even further by eliminating several key upfront fees, including: 50% discount on attorneys fees; No processing fees; and the waiving of site-inspection fees.

These concessions significantly lower the initial costs associated with homeownership and pave the way for smoother financial planning.
“We recognise that owning a home is one of the most important milestones in a person’s life,” said Mr. Dowlat Parbhu, Chief Executive Officer of Demerara Bank Limited. “By lowering rates and removing several key costs, we’re not just offering financial products — we’re offering real support to the people of Guyana.”

This move, he noted, reflects the bank’s long-standing tradition of “community-first” banking, rooted in trust, stability, and social responsibility.
Applicants can begin the process online through Demerara Bank’s website and benefit from same-day loan approvals, making the path to homeownership faster and more efficient.

President Ali has repeatedly underscored his government’s commitment to housing equity, referencing successful collaborations with financial institutions and land-distribution drives under the People’s Progressive Party/Civic (PPP/C) government.

With both the public and private sectors aligned on making homeownership a reality for more Guyanese, the latest initiatives signal renewed momentum in Guyana’s housing sector — one that’s poised to uplift families and drive long-term national development.

“We are unshakeable, unbreakable,” President Ali said during a separate address, tying the housing drive to the broader vision of a resilient and united nation — not only defending its borders, but also securing homes for its people.