DBL offering $6M interest-free housing loan to single parents, vulnerable families

…as part of $100M initiative in honour of late founder Dr Yesu Persaud

Single parents and vulnerable families can now benefit from interest-free loans of up to $6 million at Demerara Bank Limited (DBL) to build their homes.
This offer is part of a new $100 million Housing Aid Programme launched by the commercial bank to commemorate the birth anniversary of its late founder, Dr Yesu Persaud.
Announcing the initiative via a video statement on Sunday, DBL Chairman Komal Samaroo explained that the bank will set aside $100 million every year to support the new programme.
The interest-free housing loans of up to $6 million per applicant will be offered to families who own or have been allocated land by the Ministry of Housing and cannot afford to start construction. The loan can also be used to acquire low-income turnkey housing units from the ministry as well.
“There are no fees, no processing charges, no legal or inspection fees, no contribution required. You repay only what you borrow. Priority will be given to single parents’ household, and we’ll also consider other families facing housing need,” Samaroo stated.

According to the Chairman, the payments received from the beneficiaries will be injected back into the programme to continue offering critical housing financing for other families in need.
In order to qualify for these loans, applicants must have a stable source of income, a satisfactory credit history, and the land or a housing allocation with the necessary documentation as proof. Applicants will also have to show that they can comfortably afford the repayments.
Interested persons can apply for the loans online, via the Demerara Bank website.
Samaroo pointed out that making the complete application process digital provides the opportunity for citizens all across the country to access this financing option.
This Housing Aid Programme, according to the Chairman, reflects the legacy of Dr Persaud, who spent his life giving people a fair chance.
The local business icon and philanthropist, Yesu Persaud, died at the age of 93 in January 2022. He was the founding Chairman of Demerara Distillers Limited (DDL), Demerara Bank and the creator of the Institute of Private Enterprise Development (IPED), among other significant contributions that helped to shape Guyana and the local private sector.
While he is remembered fondly on his birthday every year, Samaroo, who became Persaud’s successor following his passing, said they wanted to do something more this year to honour the late business tycoon.
Having grown up working on a sugar estate in Guyana, Persaud’s humble beginnings drove his determination to improve his life and led him to the United Kingdom, where he qualified as a chartered accountant.
When the rum industry became locally owned in 1976, Persaud was appointed executive chairman of the DDL Group and through his leadership, Demerara Distillers Limited emerged as an internationally recognised name. He went on to found Demerara Bank – the first indigenous bank in Guyana.

But according to Samaroo, “What defined him most was something simpler. He believed that every person deserves a fair opportunity to improve their circumstances. That was why he started IPED in 1986, when the time was appropriate to finance small entrepreneurs with the hope of creating a vibrant private sector… It was his vision that through the development of micro and small businesses, people can improve their lives through their own initiative and creativity.”
“He also believed that Guyanese are capable to build businesses that can drive economic growth. He led from up front with the creation of entities like Demerara Bank, Diamond Fire and General Insurance, IPED, Trust Company Guyana Limited. These are outstanding testimonies of his initiative and drive. That belief still inspires us today as we build on the foundations he laid.”
With this new Housing Aid programme, Samaroo said Demerara Bank will keep that vision alive – one family, one home at a time.
Over the years, DBL continues to see stellar performances marked by economic expansion and rapid digitalization, delivering record profits and powering unprecedented lending growth at a national scale.
Aligning with the Guyana Government’s push for digitising the local financial sector, Demerara Bank has rolled out a number of digital banking services that would see customers, among other things, opening any type of account entirely online. The commercial bank has also lowered interests’ rates and borrowing ceilings to support the government’s aggressive housing drive.