LankaPropertyWeb, Sri Lanka’s Number 1 real estate website has partnered with The Commercial Bank of Ceylon to provide home buyers easy access to Home Loan facilities at competitive rates.
The Home Loan facility will be offered to purchase a condominium, land or house, construct a new home or complete a partially built house, for home renovations and to settle an existing housing loan obtained from other financial institutions. Special discounts up to 35% for building materials, bathrooms fittings, hardware items etc. will also be offered for construction home loans.
Borrowers can apply up to Rs. 50 million depending on their need and income. The approval for the loan will be granted within 3 days, with a repayment period of up to 20 years.
Repayment for the loan can be made under an equated monthly instalment, a reducing balance method, as a Residual home loan scheme or a Step – up home loan scheme.
Commercial Bank will also partner LankaPropertyWeb’s ‘Home Loan Calculator’ feature for the next six months. The interactive tools in the calculator enable the user to find their monthly payment costs and also total loan value when they adjust their loan amount. The page also contains guides and FAQs to help & guide property seekers through the loan application process.
“Customer needs are always our priority when designing our platform or offering our services. And when purchasing property, we have constantly noticed the problems buyers encounter when trying to access credit facilities. The main issue is the lack of knowledge in the process. Through our partnership with Commercial Bank, the buyer can approach the bank through LankaPropertyWeb as we help them out and guide them with the applications. This is a milestone in our business and a monumental step in achieving our cause,” said Daham Gunaratna.
The partnership facilitates property buyers and those looking to build houses to obtain loans starting from 7% per annum, one of the lowest fixed rates offered for salaried employees in the market.
The Home Loan calculator can be found on the lankapropertyweb.com site by clicking here.