Demerara Bank Limited announced on Wednesday that it will offer on-site approval for home and car loans during its participation at Building Expo 2024.
The financial institution said it will also offer an exciting promotion where 10 lucky winners will receive prizes, including six months of installments paid by the bank, home furnishings for four winners, and a $100,000 repayment on five credit cards.
With respect to interest rates, the bank said it will offer a “Reducing Balance Method,” starting as low as 3.5% per annum for loans up to $4M. For loans above $4M and up to $9M, the rate is 3.7% per annum. Loans between $9M and $20M carry a rate of 5.7% per annum. For amounts above $20M and up to $30M, the rate is 6.9% per annum. For loans exceeding $30M, the interest rate is 8% per annum. These rates it said, are designed to make homeownership more affordable and accessible.
Interestingly, the bank said qualified applicants can enjoy repayment terms of up to 30 years. Additional benefits include a 50% discount on legal fees and waiver of all processing fees for applications made at the booth, making it even more convenient and cost-effective to secure a new home loan.
Attendees at Building Expo 2024 can also learn about the benefits of Demerara Bank’s Visa credit cards, which offer competitive interest rates, attractive rewards, and enhanced purchasing power.
As Demerara Bank introduces new home loan financing options, the financial institution said it remains dedicated to supporting its existing borrowers. In this regard, it said a new product, EquiLoan, will be available. It explained that this product is designed to help homeowners leverage the equity in their property for long-term financing. “This innovative solution is perfect for those looking to transition from short-term interim financing to a stable, long-term option.
“The EquiLoan offers the flexibility needed for various purposes, including purchasing a new car, renovating a home, furnishing a living space, or financing education expenses,” the bank said.
In addition to its loan and credit card services, Demerara Bank said it will provide a range of other services, including accepting new account requests and handling general banking inquiries.
