Demerara Bank Limited (DBL) today launched a new Housing Aid programme, committing G$100 million annually to provide interest-free home loans to hardworking Guyanese families, with priority given to single-parent households.

The initiative was launched in honour of the birth anniversary of the bank’s founder, the late Dr. Yesu Persaud, whose legacy of entrepreneurship and national development continues to influence the institution’s work.

Under the programme, eligible applicants can access interest-free housing loans of up to G$6 million if they own or have been allocated land, or have received a turnkey housing unit from the government but lack the financial means to construct their homes.

“There are no fees, no processing charges, no legal or inspection fees, no contribution required. You repay only what you borrow,” Chairman Komal Samaroo said in a video statement.

He explained that applicants must demonstrate a stable income, maintain a satisfactory credit history and provide documentation confirming ownership or allocation of land or housing to qualify for assistance.

The programme is designed to create a revolving fund, allowing repayments from successful applicants to replenish the pool of money available to assist other families in subsequent years.

This approach is expected to sustain the initiative beyond its initial beneficiaries, creating opportunities for more Guyanese to access financing and work towards homeownership.

The launch coincides with the birth anniversary of Dr. Persaud, the prominent businessman who passed away in 2022 after a decades-long career that left a lasting mark on Guyana’s commercial and financial sectors.

Persaud was widely recognised for his contributions to local commerce and trade.

In addition to serving as executive chairman of Demerara Distillers Limited, he founded Demerara Bank Limited and established the Institute of Private Enterprise Development (IPED) in 1986 to provide financing for small entrepreneurs. His business ventures also included Diamond Fire and General Insurance and Trust Company (Guyana) Limited.

Through the Housing Aid programme, Demerara Bank is extending that legacy of enterprise and development to families seeking to secure a place of their own.