Demerara Bank slashes interest rate on mortgages of up to $30M to 5%

Demerara Bank Limited has announced that it has slashed its interest rate on mortgages to 5% on loans up to $30 million.

In a statement, Demerara Bank said its revised offering which applies exclusively to residential loans, is designed to make homeownership more accessible and affordable.

The Bank has also introduced several fee waivers and cost-saving measures.

According to the Bank, there will now be a 50% discount on attorney fees, no processing fees and a waiver of site inspection fees

“Together, 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,” Demerara Bank said.

The move by the bank comes days after President Irfaan Ali announced that he had instructed the Finance Minister to write to the New Building Society, to increase its mortgage ceiling to $30M and cap the interest at 5%.

According to Demerara Bank, the initiative forms part of its 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. 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,” the statement quoted the Bank’s CEO Mr. Mr. Dowlat Parbhu, as saying.

Demerara Bank says over the years it has maintained a strong reputation for its customer-first approach and practical, long-term investments in local development. It says that its latest mortgage offering reflects that same ethos; combining affordability with trust and stability.