Demerara Bank introduces $100M housing loan initiative to honour late founder

Demerara Bank Limited (DBL) is now offering interest-free loans of up to $6 million to help single parents and vulnerable families 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, who died in January 2022 at the age of 93.

The late business icon and philanthropist founded Demerara Bank – Guyana’s first indigenous bank – along with Demerara Distillers Limited (DDL) and several other institutions.

In a video statement today, 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-parent households, 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.

“He believed that every person deserves a fair opportunity to improve their circumstances,” Samaroo stated, adding “Every year we pause on this day to remember him. This year, we want to do something more… Dr Persaud spent his life giving people a fair chance. With DBL Housing Aid Programme, the Demerara Bank will keep that vision alive – one family, one home at a time.”