Demerara Bank Limited (DBL) has introduced an innovative new mortgage switch campaign that aims to revolutionize Guyana’s lending market. The initiative encourages homeowners to transfer their existing home loans from any other financial institution without incurring any fees—designed to make refinancing easier, faster, and more affordable.
As part of the promotion, DBL will cover all standard costs related to mortgage transfers, including legal fees, court filing fees, and processing charges. The bank’s internal legal and credit teams will manage the entire documentation process, eliminating the need for external attorneys and reducing delays homeowners typically face during refinancing.
Those who take advantage of the offer will get a competitive 5 percent mortgage interest rate, repayment options of up to 30 years, and approval within 48 to 72 hours. DBL states the system is designed for simplicity, speed, and minimal stress.
Additionally, the promotion includes a comprehensive financial package. Once approved, customers will automatically gain access to a Visa credit card, a consumer loan, and a vehicle loan at 7% interest, with no additional processing fees. The bank mentioned that combining refinancing and new credit options provides families with greater flexibility, whether they need funds for home improvements, transportation, or personal expenses.
For over 30 years, Demerara Bank has worked alongside the Housing Ministry, national homebuilding expos, and private developers, contributing significantly to Guyana’s growing housing sector.
“This promotion is our way of saying you don’t have to stay where you are if it’s no longer serving you. We’ll handle your fees, simplify the process, and ensure a fast, secure, and worry-free transition, the bank’s Chief Executive Officer stated.
According to DBL, homeowners often refinance their mortgages to access lower monthly payments, enjoy better customer service, or secure clearer and more transparent terms. The bank emphasized that its operational model focuses on building long-term customer relationships and providing personal support throughout the loan process.
Key features of the “Switch Your Mortgage” promotion include:
- Zero legal fees
- Zero court filing fees
- Zero processing fees
- 5% mortgage interest rate
- Repayment terms up to 30 years
- Approval within 48–72 hours
- 7% vehicle loan
- Visa credit card and consumer loan package
It is fair to say that in Guyana’s banking industry, Demerara Bank was the first to digitize and simplify its services, now offering the best mortgage options to its customers and the public. Under the leadership of Dowlat Parbhu, CEO of the bank, the modernization of Demerara Bank is progressing very well and moving into 21st-century banking.