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 percent 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 Bankand the Developer.
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 Lanka 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, the bank 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 the repayment capacity.
“As a bank whose credo is ‘For a better future,’ Commercial Bank is committed to help its customers achieve their aspirations,” said Sandra Walgama, the bank’s Deputy General Manager Personal Banking. “One of the most important of these aspirations is owning a home or apartment, and given the many new property developments in the market, these loans are timely and well-structured.”
The Bank’s special home loan scheme covers some of the most prestigioushigh rise condominium developments in Colombo such as Altair (Indocean Developers), Astoria (Avic International), Blue Ocean (Link Construction), Capitol 7 (Sanken Engineering), Cinnamon Life (John Keells), Clear Point Residencies (Milroy Perera/Maga), Colombo City Centre (Abans/Silver Needle), Grandsberg & Sovrano 39 (Blue Mountain), Havelock City – Colombo 6 (Mireka Capital/Overseas Realty), Havelock City Phase III (Mireka Capital/Overseas Realty), Iconic – 110 Parliament Road (Atlantis), all apartments from Prime Residencies andLiving Homes (Prime Group), On Three 20 (John Keells), Orchid Apartments Malabe (Nivasie Developers), Palladium Residencies (Global Leasing), Platinum 1 (Platinum Realty Investments),Span Tower 16 (Span Engineering),Templers Square (Kelsey Homes), The Residences at One Galle Face (Shangri-La Hotels Lanka), Treasure Trove Residencies (Home Lands Skyline), Trillium Villas – Melder Place (Trillium Property Management), 7th Sense (John Keells) and 77 on Fourth