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Demerara Bank lowers residential mortgage rate to 5% for loans up to $30M
Kaieteur News- Demerara Bank Limited (DBL) announced on Wednesday that it has reduced its residential mortgage interest rate to 5% for loans up to $30 million.
In a statement, Demerara Bank described the move as one reinforcing its focus on national development and improving the lives of Guyanese.
Demerara Bank Limited’s Head Office
It was explained that the revised offering, which applies exclusively to residential loans, is designed to make homeownership more accessible and affordable. Notably, the Bank has also introduced several fee waivers and cost-saving measures to further support customers, including: 50% discount on attorney fees, no processing fees and waiver of site inspection fees.
This comes days after President Irfaan Ali announced that government is pushing to have the New Building Society (NBS) mortgage ceiling increased from $20 million to $30 million, with interest rate capped at 5% for all new loans.
The Bank said that these incentives aim to reduce the upfront costs of owning a home and create a smoother path toward financial independence and stability for Guyanese families. Notably, it was outlined that the initiative forms part of Demerara Bank’s broader effort to give back to the communities it serves and strengthen the nation’s housing sector.
“We recognise that owning a home is one of the most important milestones in a person’s life,” said Dowlat Parbhu, Chief Executive Officer (CEO) of Demerara Bank Limited.
The CEO added, “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 is our way of giving back and standing with our citizens as they build better futures.”
Moreover, it was highlighted that over the years, Demerara Bank has maintained a strong reputation for its customer-first approach and practical, long-term investments in local development. The Bank also boasted that its latest mortgage offering reflects that same ethos, combining affordability with trust and stability. Interested applicants can begin their application process online through the Bank’s website and benefit from same-day approval.
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