Citizens Bank slashes mortgage interest rates to lowest in Guyana

Citizens Bank Guyana Inc on Wednesday announced a reduction in its home mortgage interest rates, positioning itself now as one of the most affordable options for residential borrowers in Guyana. The bank is also introducing flexible repayment terms to support citizens seeking to build or purchase homes.
Under the new structure, Citizens Bank is offering tiered mortgage rates: Loans up to $10 million carry an interest rate of 3.5 per cent, loans up to $20 million are offered at 3.7 per cent, loans up to $30 million have a rate of 4.95 per cent, and loans up to $50 million are set at five per cent. For loans exceeding $50 million, competitive rates are available upon application, with no formal lending ceiling for residential mortgages.
The bank also provides additional incentives to make homeownership more accessible. Eligible borrowers can benefit from 100 per cent construction financing, extended repayment terms of up to 35 years, and loan approvals within 48 hours. Discounts on home insurance premiums, reduced legal fees, and zero commitment and processing fees are also available.
Managing Director Eton Chester said the initiative is designed to assist Guyanese families who already own land or are in the process of acquiring land. “Citizens Bank is committed to making homeownership affordable and achievable. Whether building for the first time or seeking better terms on an existing mortgage, we want to be a reliable partner for all borrowers,” he said.
The announcement comes as other local banks have also updated their mortgage offerings. Republic Bank (Guyana) Limited recently introduced residential loans up to $60 million at a five per cent interest rate. Republic Bank’s competitive advantage is their higher ceiling at five per cent; however, at the mid-levels (above $9M), Citizens Bank’s tiers at 3.7 per cent and 4.95 per cent are lower than Republic Bank’s 4.25 per cent and five per cent tiers. Demerara Bank Limited, on the other hand, increased its loan ceiling from $30 million to $40 million, maintaining interest rates at five per cent for higher-value loans. NBS has increased their loan limit to $30 million with the guarantee that their interest rate on loans of $30 million and below for housing is five per cent maximum.