Mihindu Sevana Housing Loan - NSB

National Serving bank which has always been your friend in need,now offers you housing loan facilities with a host of special concessions to enable you to make your dream home come true.

Appearing hereunder are answers to numerous questions, which may have crossed your mind when contemplating a housing loan.

For what purposes are loans granted?

• To construct or purchase a house of your own.
• To purchase a block of land to build a house.
• To complete construction of a new house or for extensions/repairs to an existing house.
• To repay a loan obtained from a recognized financial institution for housing purposes.

Who can obtain housing loans ?

• Person who are permanently employed and in receipt of a monthly salary.
• Person who are income-tax payers.
• Person who are employed abroad.
• Person who are self-employed or temporarily employed and those who cannot produce concrete evidence of their income, can obtain housing loans from our Bank by joining the "Savers' Housing Loan Scheme."
• You need not necessarily maintain an account with us in order to obtain a Housing Loan.

What is the quantum of loan one can obtain?
The quantum of loan will depend on the following considerations:

• The applicant's repayment capacity.
• Age of the applicant.
• Value of the property to be mortgaged.
• Purpose for which the loan is required.

Rate of Interest
The rate of interest applicable will vary according to the quantum of loan and the prevailing market rates of interest.We assure you that our interest rates are comparatively low and always reasonable.

How much time is allowed for repayment of a loan?

• The repayment period is 30 years.
• Therefore, according to your age you may repay your loan in equal monthly instalments subject to a maximum of 30 years. The maximum age limit before which you should complete repayment of the loan is 65 years.

How long does it take to obtain a loan?

• If all the documents, which have to be handed over with the application form are in order, you can obtain a housing loan within a very short time.
• Our courteous staff will assist you to obtain your loan with the least possible delay.
  As disbursement of loans has now been decentralised, you can obtain your housing loan from our Head Office or anyone of our branches.
• Housing loan application forms are available at the Credit Division, NSB Head Office and at all our Branches and Postal Banking Branches situated Island wide.

Is it necessary to offer security in order to obtain a housing loan?

Yes. The house/land to be constructed/purchased, or the house to be completed/repaired/extended, or another immovable property should be mortgaged to the Bank as security for your loan.

What are the expenses,Which will have to be borne by the applicant?

• Valuation fee.
• Inspection fee.
• Credit Information Bureau fee.
• Deed registration fee.
• Title Insurance Policy fee (if necessary).
• Fire Insurance Policy fee (if necessary).
• Legal fees.
• Further details in this regard could be obtained from the Credit Division at the Head Office or any Branch of the National Savings Bank.

Credit Manager
National Savings Bank
Credit Division
Colombo 3.

Tel.Nos. Credit Manager: 011-2573180 –2575371, 011 2375259, 011-2573008-15
Hotline:2574574, 2375260
Fax:011-2573510, 5332439
E-mail: manager.credit@slt.lk

source:
http://www.nsb.lk/PB_Mihindu_Sevana_Housing_Loan.asp