Republic Bank removes lending ceiling on residential mortgages

…offers 5% interests on financing up to $60M

Republic Bank (Guyana) Limited has announced changes to its residential mortgage offerings, including financing of up to $60 million at an interest rate of five per cent, as part of efforts to support homeownership in Guyana.
On Monday, the bank said in a release that the move comes in response to the Government’s housing agenda outlined in the 2026 Budget. The institution stated that it is now offering mortgages up to G$60 million at five per cent, with no lending ceiling for residential mortgages. According to the bank, no ceiling means there is no limit to the amount customers can borrow for residential purposes.
The bank also outlined its existing low-cost mortgage structure saying that loans of up to $9 million attract an interest rate of 3.50 per cent. Amounts above $9 million and up to $20 million are offered at 4.25 per cent, while loans above $20 million and up to $30 million carry a five per cent interest rate.
Additional features of the mortgage packages include extended repayment terms, monthly amortised payments and financing of up to 100 per cent.
This announcement on Monday follows a recent adjustment by Demerara Bank Limited, which on February 14 disclosed that it increased its residential housing loan ceiling from $30 million to $40 million while maintaining an interest rate of five per cent per annum on a reducing balance. The revised limit took effect on February 9.
Under Demerara Bank’s updated structure, loans of up to $4 million attract an interest rate of 3.5 per cent per annum; $4,000,001 to $9 million, 3.7 per cent; $9,000,001 to $15 million, 4.5 per cent; and $15,000,001 to $40 million, five per cent.
Demerara Bank said the change reflects higher construction costs driven by increases in materials, labour and contractor services. The bank stated that the expanded ceiling is intended to align financing with current market conditions and to allow borrowers to access larger sums without exceeding the established interest rate tiers.
Both institutions indicated that the adjustments are aimed at expanding access to residential financing as demand for housing continues to grow.