Demerara Bank launches “A Loan that Brings You Home” promotion

…1 customer can win 50% interest rate slashed

Aiming to ease the process of home ownership for Guyanese, Demerara Bank Limited (DBL) on Wednesday commenced the “A Loan That Brings You Home” promotion, which offers lowered interest rates and processing fees on loans.
This promotion runs until August 27, and caters to an array of customers, including those keen on purchasing young professional and low-income housing units, and undergoing home renovation projects, construction endeavours, and property acquisitions.
For those seeking to elevate their living spaces, DBL is also offering increased amounts on existing loans, and facilitating the completion of essential auxiliary works such as fencing, landscaping, and other improvements.
During the month-long promotion, customers submitting and obtaining loan approvals will enjoy benefits that include: Waiver of processing fees, 50 per cent waiver on attorney fees, waiver of site inspection fees, competitive equity contribution, and no anticipatory interest on principal payments.
The Bank is also offering the following competitive annual interest rates: 3.5 per cent on loans up to $4 million; 3.75 per cent on loans up to $9 million; 5.7 per cent on loans up to $20 million; and 6.9 per cent on loans above $20 million.
A grand drawing, set to take place on the final night of the International Building Expo, on August 27, will see one fortunate customer getting their interest rate slashed by 50 per cent.
Demerara Bank’s General Manager Dowlat Parbhu is inviting persons to participate and take a resolute step towards realising their homeownership and property ambitions. He has said: “At Demerara Bank, we recognize that every individual’s journey to homeownership is unique. With our “A Loan that Brings You Home” Promotion, we aim to provide not just financial support, but also a tailored experience that addresses your distinct needs.”
With this promotion, DBL joins GBTI and Citizens Bank Guyana in providing housing loan assistance to Guyanese.
Last month, GBTI launched its “Dream Big – We’ll Take Care of The Rest” promotion to aid persons seeking financial assistance to buy, build, or complete their new homes; or for persons wishing to renovate or improve their homes.
In addition to reduced interest rates on the GBTI loans, this promotion, which runs until September, offers a lucky applicant the opportunity to also win a new Toyota Raize.
And Citizens Bank is running its “My Time Home Mortgage” promotion until October 31, offering prospective homeowners the chance to benefit from interest rates as low as 3.5 per cent, reduced loan fees and insurance premiums, and a maximum of 30 years to repay.
During Building Expo 2022, President Ali had announced that commercial banks had agreed that there would be no percentage requirement for loans under $6 million, once persons qualify under the joint window system.
Banks also agreed that the interest rates for housing loans under $9 million would be reduced to 3.8 per cent.