Document
Our Home Loans provide the means by which you could build, purchase or renovate the house or apartment you always hoped you’d own.
Home Loan
Foreign Currency Loan

Benefits of a Commercial Bank Home Loan

  • Approval in 3 days without any additional charges
  • Longer repayment up to 20 years.
  • Attractive low interest rates.
  • Special discounts up to 35% for building materials.
  • Tailor made flexible repayment options based on present & future income.
  • Convenience of our island wide branch network.

Eligible Applicants

  • Applicants employed in Sri Lanka
    • Permanent employees
    • Earning a regular, minimum monthly income of Rs 25,000 (Basic + Fixed Allowances)
    • Can obtain individually or jointly (with spouse or Parent/ child)

Home Loans are available for,

  • Purchase of
    • Bare Lands
    • Residential Houses
    • Condominium Apartments
  • Purchase of Land and Construction of House.
  • Construction of House / Extension or Completion of existing House l Renovation of House or Apartments
  • Settlement of existing Housing Loan obtained in Rupees other Financial Institutions.

Applicable Loan Amounts

  • Minimum - Rs 500,000/-
  • Maximum - Rs 50,000,000/-

(Note - Loans above Rs 50.0Mn are considered on case by case basis)

Repayment

  • Up to 20 years (OR before the 60th birthday of the applicant).

Repayment methods

  • Innovative/ number of repayment options available under
    • Equated Monthly Installment (Capital and interest – Installment is fixed)
    • Reducing Balance Method (Capital plus interest– Installment gradually decreases)
    • Residual Home Loan Scheme
      • Only part of the loan is to be repaid. Capital recovery of the other part is postponed
    • Step Up Home Loans Scheme
      • Installment increased gradually, along with the time

Home Loans for professionals

  • Any Professional, registered under a Professional Body
  • Special Rate reduction from published rates.

Home Loans to purchase Condominium Apartments

  • Tied up with some of Sri Lanka’s leading Condominium Property Developers to finance apartments under construction, Island wide.
  • Financing up to 80% of the Purchase Price under Tripartite agreements
  • Need only the Sales and Purchase Agreement along with your personal and income related information
  • Loans can be granted either in Sri Lankan Rupees or in Foreign Currency

Applicable Loan Amounts

  • Purchase of Bare Land/ Land & Building/ Condominium Apartment (completed)
    • Up to 75% of Forced Sale Value (FSV) of the valuation
    • OR up to 75% of Purchase price - WHICHEVER is LOWER.
  • Construction/ Renovation/ Extension
    • Up to 75% of the BOQ
  • Purchase of bare land & construction
    • Up to 75% of the FSV of land & Up to 75% of BOQ (Estimated cost)
  • Condominium Apartments (under construction)
    • Up to 80 % from the purchase price.

Key benefits under the Discount Scheme

  • Special discounts up to 35% from Reputed Service Providers for building material for loans obtained for construction.
  • includes Roofing sheets, Cement & allied products, Paints & allied products, Floor/ Wall tiles, allied electrical accessories, Wood care products, Bathroom fittings & accessories and PVC pipes & fittings, Hardware items.

Foreign Currency Loans

“Your new Home awaits your return to Sri Lanka”


Benefits of a Commercial Bank Foreign Currency Home Loan

  • Approval in 3 days without any additional charges.
  • Attractive low interest rates.
  • Special discounts up to 35% for building materials.
  • Convenience of our island wide branch network.

Eligible Applicants

  • Sri Lankan Citizens employed abroad
  • PR (Permanent Resident) Holders
  • Dual Citizens

Home Loans are available for,

  • Purchase of
    • Bare Lands
    • Residential Houses
    • Condominium Apartments
  • Purchase of Land and Construction of House.
  • Construction of House / Extension or Completion of existing House l Renovation of House or Apartments

Applicable Loan Amounts

  • Minimum -Equivalent to Rs 500,000
  • Maximum -USD 100,000 (or equivalent in other currencies)

(Note - Loans exceeding USD 100,000 are also considered on case by case basis, at the discretion of the bank)

Period

  • Up to 5 years
  • Up to 10 years (for Professionals or employees with indefinite contracts, on case by case basis, at the discretion of the bank)

Repayment methods

  • Through PFC Accounts ONLY (Personalized Foreign Currency Account)
  • Under Reducing Balance Method ONLY

FCY Home Loans can be obtained in

  • US Dollars
  • Sterling Pounds
  • Euro
  • Australian Dollars
  • Canadian Dollars
  • Japanese Yen

Q & A

Who can apply for Foreign Currency Home Loans?

  • People who have completed 2 years in foreign employment & having a contract for another 01 year ahead.
  • Sri Lankan Citizen Employed Abroad having a valid Work Visa
  • PR Holders (Permanent Residents) or Dual Citizens with regular income

Q 2.What are the Documents needed?

  • Applicant's Employment & Income
    • Confirmation of employment from the employer stating salary/ deductions (Undertaking to remit the salary not required).
    • Salary slips for past 03 months
    • Foreign bank statements for the past 06 months, where present salary is credited
  • Other Documents (personal)
    • Loan application
    • DTAP (life insurance cover) proposal
    • Copy of the Passport with personal details & Visa
    • Current Work permit, if any
    • Letter of undertaking stating that funds from the salary will be remitted to NRFC account to recover the monthly loan installment.
  • Documents relating to Property
    • Copy of the transfer deed
    • Copy of the survey plan depicting right of way
    • Copy of the approved Building Plan (applicable for purchase/ construction of a house)
    • Certificate of Conformity (applicable for purchase of a house)
    • Local authority tax receipts
    • BOQ - an estimate for construction cost (applicable for construction of a house)
    • Local Authority Documents obtained within last 06 months (Street line certificate, Non vesting report, Certificate of Ownership)
    • Names of the Grama Niladhari Wasam & the Divisional Secretariat applicable to the land (to be incorporated in the Mortgage Bond).

Terms & Conditions apply

Product information and terms & conditions are subject to change from time to time.


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