The Commercial Bank of Ceylon has tied up with some of Sri Lanka’s leading property developers to support the aspirations of Sri Lankans seeking to purchase apartments or houses at 44 popular locations in Colombo, its suburbs or in Kandy.
The Bank has announced it will provide up to 80% of the value of an apartment at competitive interest rates with flexible repayment options, and that the loans can be disbursed within a week from the date of application in cases where tripartite agreements exist between the Bank and the Developer. “As a bank whose credo is ‘For a Better Future,’ Commercial Bank is committed to help customers achieve their aspirations,” said the Bank’s Deputy General Manager, Personal Banking, Sandra Walgama.
“One of the most important of these aspirations is owning a home or apartment and given the many new property development projects in the market, these loans are timely and well-structured,” she said.
A customer seeking a home loan needs to provide only the sales and purchase agreement along with his or her personal and income related information, the Bank said. Home Loans can be granted in Sri Lankan rupees or in foreign currency to Sri Lankans employed overseas and foreign currency loans can be repaid in the same currency through the borrowers’ NRFC accounts.
Flexible repayment options that can be customised according to the income patterns and projected future income of the applicant make the loan scheme extra attractive, a Bank spokesman said. Step-up home loans and residual home loan facilities are also available to this customer segment, where salary increments, bonus and terminal benefits, will be considered for repayment capacity.