Sri Lanka Housing Loans

Shrama Udana - HDFC Bank

2008-03-19T07:39:00.000-07:00

Guidelines for Housing Loan Applicants from the Housing Development Finance Corporation Bank of Sri Lanka

Date of issue May 01, 2005

Guidelines for Housing Loan Applicants from Housing Development Finance Corporation Bank of Sri Lanka on the Security of EPF Accounts.

The Housing Development Finance Corporation Bank is an institution under the Ministry of Housing & Construction Industries Eastern Province Education & Irrigation Development for the granting of housing loans to low income families on concessionary terms. Making loans available expeditiously and effectively under this scheme launched by the government on the security of EPF accounts, is a very special task entrusted to the Bank.
Those entitled to obtain loans are : Individuals , and / or Joint Members ( Husband/ wife) of the EPF with a sufficient balance in the EPF account.
Repayment period: The maximum repayment period will be 15 years from the receipt of the loan or attaining the age of retirement, whichever is earlier
Payment to be made in respect of loans :
Preliminary Savings Deposit of Rs.500/-
Loan processing Fee (½ % of the amount of loan ) subject to a maximum of Rs. 2000/-)
Fee to be credited to the Labour office Rs. 500/-
Purpose for which a loan is granted :
- To build a house
- To purchase a house
- To buy a plot of land on which to build a house.
- To build a part of house or add a new part to existing house.
- To obtain well water/ water supply facilities and electricity and sanitary facilities.
- To settle a loan already obtained for a housing purpose from a Government or approved financial institution.
Security for loan The security for the loan will be the applicant's own EPF balance.
Basis for granting the loan
Current contributors to the EPF can obtain 75% of the balance remaining to their credit in the EPF.
Repayment potential
A maximum of 40% of salary subject to a percentage to be decided by the bank as regards other income, proof of which is available.
Loan applications : Applicants for loans with the EPF balance as security shoul obtain the relevant application form from the Labour office within whose jurisdiction the property to be utilize for a housing object is situated, and forward the application together with the relevant documents through the Labour office referred to above, addressed to the Housing Development Finance Corporation Bank.

Documents to be submitted with the application :

10.1	For house purchase loans :
	Copy of the title deed of owner Copy of the survey plan Letter of consent by the seller to sell the property at the price offered.
10.2	For construction loans :
	Copy of the title deed Copy of the survey plan Approved building plan (not essential in case of repairs to house) Estimate for the construction of the building (bill of quantities BOQ)
10.3	For redemption Loans :
	Copy of the title deed Copy of the survey plan Copy of Mortgage deed Letter stating particulars regarding the loan from the institution holding the mortgage.
10.4	Other documents - Salary particulars or certificate of income and supporting documents
10.5	Other documents to be submitted to the HDFC Bank in addition to those to be submitted to the Labour office
	Employment and salary particulars on HDFC Form 28 Birth Certificate with copy National Identity Card and copy Marriage certificate with copy (for joint applications only) For house purchase loans in addition, a letter of undertaking from the seller (on forms available from HDFC Bank) Copy of seller's National Identity Card.

Release of loan : For construction of houses will be in installments and on the recommendation of the Labour office , For purchase of properties the loan will be released outright.
Obtaining of Group Loan Protection Insurance Cover ( Not an essential requirement.)
Only one premium needs to be paid in this respect. This provides for settling of the loan from insurance in case of death of the borrower and for refunding the EPF balance to the dependents [in this instance the loan installments should have been paid regularly]
Repayment
The annual installment payable at the prevailing rate of interest by equal monthly installments on the diminishing balance over the period of the loan.

Note: In case you need additional information or clarification please see our customer service officers or branch managers. We are committed to giving you the best services in housing finance.

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How to get a Housing Loan in Sri Lanka

2008-03-15T11:07:00.001-07:00

Hello.. Sri Lankans!
i'm going to tell u how to get a housing loan in a Local bank in Sri lanka..
i organized a Collection of Housing Loan programs in Sri lanka. Hope it is Useful to you.
thnx

NDB Housing Loan

2008-03-15T09:24:00.000-07:00

The Bank provides loans at the interest rates of,
12% - Upto Rs.200,000
12.5% - Rs.200,000 to Rs.500,000
13% - Above Rs.500,000
for home construction, purchases, extensions, improvements and land purchases for home constructions.

The minimum loan amount is Rs.100, 000 and the maximum is Rs.10, 000,000.
The security that is pledged with the Bank is the deed of the subject property. The maximum tenor of these loans is 15 years subject to a retirement age. The common mode of payment is by way of a Pay Sheet Deduction facility that is usually organized by the employer.

NIVAHANA - Commercial Bank

2008-03-15T09:22:00.000-07:00

A Housing Loan with Terms in Your Favour

Obtaining a housing loan shouldn't drive you up the wall. Frustrating delays and mountain-high documents shouldn't hamper your progress. Welcome to Commercial Bank's NIVAHANA, a housing loan designed to facilitate your future. NIVAHANA offers some unmatched terms all in the name of your greater convenience. Want to know more? Read on:

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For what purposes can I obtain a Nivahana Loan?

	Purchase or construction of a house
	Purchase of a condominium apartment in urban areas
	Purchase a land and construct a house
	Renovate, extend, complete a house

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How Do I Qualify for a Nivahana Loan ?

You should have regular monthly income, individually or jointly with spouse. This income should be sufficient to meet the monthly loan commitment plus living and other expenses.

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How Can I Borrow ?

Depending on your need and the income you can borrow between Rs. 750,000/- and Rs. 5 million. Even if your need exceeds Rs. 5 million, you can still negotiate with your Branch Manager for a higher amount.

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What is the Interest rate ?

Our interest rates are very attractive and highly competitive. What's more, we give you a choice Fixed or Floating. If you want to keep your interest rates fixed, you can go for a Fixed Interest Loan. Or if you prefer to pay the going market rates, you can choose a Floating Interest Loan. NIVAHANA is so flexible.

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What About Repayment ?

A repayment period of up to 20 years can be given depending on your age. Also you can select from 2 modes of payment:

1.	Equated Monthly Installments - where your capital plus interest is a fixed sum
2.	Fixed Monthly Installments - where you pay back your capital in equal installments plus interest on reducing balance

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What are the Advantages of Nivahana when Compared with Similar Loans ?

	Minimum documentation
	Flexible approach and fast approval
	Longer repayment period
	Fixed or Floating rate of interest
	Attractive and competitive interest rates
	Convenience of our island wide branch network

PROTECT YOUR FAMILY GET QUOTE
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Jaya Nivasa Housing Loan Scheme - People's Bank

2008-03-15T09:18:00.000-07:00

Jaya Nivasa Housing Loan Scheme

People's Bank now offers a branded Housing Loan scheme for all housing purposes. Our interest rates are competitive and conditions are flexible to suit your personalised needs.

For whom?

Employees of the Public/Private sector.
Professionals
Self employed
Income tax payers
Sri Lankans employed abroad.

What Purpose?

Construct or purchase a house
Purchase a land
Renovations/Extensions/Completion of a house

How quick?
Within 30 days.
(Subject to all documents being in order).

Click here to view list of required documents

How much can you obtain?

No upper limit. The amount will depend on the following:

Repayment capacity
Value of property
Age – (normally up to 60 years)

(The upper age limit will not apply if a joint application is made with a younger member of the family)

Click here for Loan Calculator

Rate of interest - 21% p.a.

(The Bank reserves the right to revise interest rates based on market conditions)

Applicant’s Equity Contribution - 25% of Construction or Purchase value

Repayment period

Maximum 20 years	* For Construction of a House
	* For Purchase of a House/Land
Maximum 10 years	For Renovation/ Extension/ Completion of a House
Maximum 5 years	For Sri Lankans employed overseas

Source: http://www.peoplesbank.lk/loanproducts_jayaniwasa.shtml

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Shanthi home loans - Hatton National Bank

2008-03-15T09:15:00.000-07:00

HNB Shanthi Home Loan

HNB Shanthi gives you the freedom to build or purchase a home of your own. Be it a basic house costing a couple of lakhs or a luxury mansion costing millions. We have a range of loans to suit a wide variety of budgets.

HNB home loans are designed with our customers in mind. Whatever your decision may be, be it to acquire, build or refurbish your home, our loans will assist in achieving your objective. HNB’s experienced financial advisers will assess your personal requirements and circumstances to provide affordable home loans for your convenience and flexibility.

HNB Shanthi Foreign Currency Home Loan

HNB introduces Shanthi Foreign Currency Housing Loans exclusively for Sri Lankans working overseas. Shanthi Foreign Currency Home Loans help you begin construction on your home in Sri Lanka while residing overseas. Loans can be obtained in designated currencies as applicable to NRFC Accounts such as US Dollars, Sterling Pounds, Euro, Japanese Yen, Swiss Frank, Australian Dollars, Canadian Dollars etc.

Since you are abroad you can give someone in Sri Lanka to do the documentation through a Power of Attorney and have built in a list of new advantages that help to make your dream of owning a home a reality.

HNB home loans are designed with our customers in mind. Whatever your decision may be, be it to acquire, build or refurbish your home, our loans will assist in achieving your objective. HNB’s experienced financial advisers will access your personal requirements and circumstances to provide affordable home loans for your convenience and flexibility.

Irrespective of the loan amount, you have the advantage of…….
Attractive interest rates
A choice of repayment periods
The unique step-up loan repayment scheme (assessing you on your future income and cash-flow)

This entitles you to……
A bigger loan which you can payback faster
Professional service
Fast approval
Attractive discounts on building materials
The convenience of service at a HNB Customer Centre in your neighborhood

ELIGIBILTY :

Those who have a regular monthly income, individually or jointly with spouse. Public and private sector employees, professionals, businessmen and anyone with a sound financial standing.
Those who are employed abroad.

PURPOSE :

Purchase of bare land for construction of a house
Purchase of a house and property
Construction of a house on land owned by the applicant
Completion of a partly constructed house
Renovation or extension of an existing house

INTEREST RATE :

Fixed interest rate
Floating interest rate

Very attractive and competitive interest rates. A choice between ‘Fixed’ or ‘Floating’. Opt for floating and your interest payment will be based on the going market rate. The Floating interest rate is subject to review on Quarterly. If you want to keep your interest rate fixed, you can go for a fixed interest rate.

LOAN AMOUNT :

Minimum - Rs 100,000/-

Purchase of land or house:

Loans upto Rs 5.0 Mn - 75% of the Forced Sale Value
Loans above Rs 5.0 Mn - 65% of the Forced Sale Value

Construction, Extension or Renovation :

The loan amount will be up to 80% of the Bill of Quantity (Estimate) provided the bank has not advanced funds for the purchase of land.

Further the loan amount will be decided on your repayment capacity taking into consideration your living expenses, commitment towards existing loans obtained and your age. Loans in excess of Rs 5 Million will be considered on a case by case basis.

REPAYMENT PERIOD :

Minimum - 05 Years
Maximum - 25 Years

The repayment period can be spread over a maximum period of 25 years depending on the age of the applicant.

YOUR NEXT MOVE :

Download the application form. Clarify any clause that is not clear to you, fill up the form and hand it over to any of our HNB Customer Centre island wide. And from then on, leave it to SHANTHI and HNB to give your dream home in the shortest possible time.

Submission of the under mentioned documents would enable us to process your application fast.

Documents to be submitted along with the application

Letter from the vendor for the purchase of property
Building Plan approved by the Local Authority with a copy.
If approval is not required, a letter issued by the Local Authority to this effect.
Bill of Quantities acceptable to the Bank (Two Copies ) for the proposed
construction
Valuation Report of the property to be mortgaged from a Valuer in the Bank’s
Panel of Valuers (This will be arranged by the bank & expenses should be
borne by the applicant).
Letter from employer confirming present salary and any other fixed allowances
Employed abroad :
- Photo copies of the employment contracts, also letter confirming extension of the contract to cover the loan period of 05 years
- Photo copies of the pass port & visa documents

Legal Documents

Original Title Deeds for 25 years (Certified copies may be required in the absence of originals)
Certified Extracts of the Property concerned for a period of 30 years (To be obtained not less than one month from the date of application)
Survey Plan referred to in the Deed which is duly approved by the Local Authority. Even the same is more than 10 years old a new Survey Plan which is duly connected to the former Plan is required.
Street Line & Building Line Certificate
Non vesting Certificate (issued within the last 03 months)
Certificate of Ownership (from the date of application)
Receipts in proof of payment of rates (if required)
In case the loan is for purchase of property:
original of the Agreement to sell duly registered in the Land Registry or Letter of Consent from the seller to sell the property to the applicant.
If the property consists of a building – Approved Building Plan – Certificate of Conformity.
In case the loan is for construction purposes: Approved Building Plan

	Download application form
	Fill up the form and hand it over to any of our HNB customer centres island wide.
	(Branch Locator)

If you need any further clarification, please feel free to contact

Mr.N Premarajah	:	+94 11 266 1961
(Snr.Manager – Consumer Banking & Housing Finance)	:	+94 11 266 1961

Ms.Tharini Mahesan	:	+94 11 266 1982
(Asst. Manager – Housing Loans & Personal Financial Services)	:	+94 11 266 1982

Ms.Pradeepa Purasinghe	:	+94 11 266 1981
Mr. K.K.R Nishantha	:	+94 11 266 1923

Address :

Personal Financial Services
Consumer Banking Department

HNB Towers, Level 06,
Hatton National Bank Ltd,
No 479, T.B. Jayah Mawatha,
Colombo 10,
Sri Lanka.

Telephone :+94 11 266 1961 / 82 / 81 / 23
Facimile :+94 11 266 4892
E-mail : shanthih@hnb.lk
Website : http://www.hnb.net

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Kedalla - HDFC BANK

2008-03-15T09:09:00.000-07:00

Guidelines for Housing Loan Applicants from the Housing Development Finance Corporation Bank of Sri Lanka

Date of issue May 01, 2005

The Housing Development Finance Corporation Bank is an institution under the Ministry of Housing and Construction Industries, Eastern Province Education and Irrigation Development.

The main objective of this Bank is to provide housing related finance to facilitate the national goal of decent housing for all.

Purposes for which loans are granted

To build a house
To add a new part to a house /extentions
To complete a partly built house
To obtain water facilities, sanitary facilities and electricity
To purchase a house
To purchase a plot of land to build a house
Redemption

Those who can obtain loans

Private individuals
Joint applicants ( Husband / wife )
Daughter or son jointly with father or mother

Loan amount

From Rs. 50,000/- upwards (Maximum repayment period varies according to age)

Security

The land on which the loan is invested

Maximum amount of loan

Purchase of house: 70% of the forced sale value
Construction loans: 75 % of the total estimated expenditure (BOQ )
Purchase of Building Blocks 60% within Municipality limits and 50% Pradeshiya Sabha limits
Maximum Loan Installment
Salaried employees: 40% of the salary (within 60% of total fixed commitments)
Others: Subject to evaluation of disposable income that can be proved.

Preliminary Account

A Savings Deposit Rs. 500 /- to open a ‘Prathilabha’ Savings Account with the Bank.

Insurance cover

7.1 Loan Protection Insurance cover (preferred)
Only a single premium is payable on this insurance. The main benefit of this insurance is in the event of death of the borrower, the dependents will not be burdened with the repayment of the loan. This insurance is not compulsory, but recommended.

7.2 In the event of a defect in the title, a title insurance is mandatory

7.3 Fire Insurance is mandatory and should be renewed annually.

* For purchase of house

* Construction

* Redemption loan (if there is a house)

Documents to be attached to the loan application

8.1 Personal details:

Birth Certificate Original and 2 photo copies
National Identity Card Original and photo copy / valid Passport (period not expired)
Marriage certificate Original and 1 photo copy. (applicable only to joint applicants)

8.2 Proof of Income

If you are a salaried employee, a statement of salary particulars and confirmation of employment from your employer with full details of deductions along with duly perfected HDFC Form 28 A ( supplied by us.)

If you are an income tax paying business person, 3 years of Income Tax Reports and Audited financial statements together with Bank statements for the last year should be provided

Securities

Legal Documents

9.1 Original deed and 2 photo copies along with copies of previous deeds and plans to cover title upto 30 yrs

9.2 Extracts of volume folios of the Registers maintained at the Land Registries to cover title up to 30 years.

9.3 Approved survey plan with 3 copies there of (plan should be drawn within 20 years). (access to the land connected to a main road should be shown)

9.4 Documents to be obtained from Local Government Authorities:
Certificate of ownership
Certificate of non vesting
Street line Certificates (only if applicable)
Building line Certificate
Notice of Rates Assessment (current year)
Receipt for payment of Assessment Rates for the last quarter of current year.

If any Pradeshiya Sabha does not issue the above certificates please obtain a certificate stating that the above are not applicable. This certificate should not be older than 6 months. If sub-division approval is not required a letter to this effect should be obtained by the local authority.

9.5 Access to the property

A rough sketch showing access to the property from the nearest town. If the access road is not a public or common road , the access way should be conveyed by a deed. Access should be depicted in the survey plan. The availability of an access road with a minimum width of 10 feet is necessary.

9.6 If the applicant is a Tamil or Muslim or married under Kandyan Law an affidavit to the effect whether they are affected by General law or any Personal law is necessary.

Valuation Report

This should be obtained from an officer in the Bank’s Panel.
Fee payable

Amount of loan
Valuation

Rs. 200,000/- 1000/-

Rs. 300,000/- 1200/-

Rs. 500,000/- 1350/-

Rs. 1,000,000/- 1850/-

Over Rs. 1,000,000/- 2200/-

The following documents are also necessary in addition to those indicated above

A copy of the approved building plan (if approval is not required a letter to that effect from Local Authority)

Two copies of the Statement of Estimated expenditure (This should be prepared by a Technical Officer)

Model building plans and all technical instructions are available free from our Technical Services Division. Building plans and building estimates can be obtained from our Technical Services Division for a fee

In case of purchase of property a letter of undertaking issued by the Vendor

Release of loan

I. Purchase loans - On receipt of registered Transfer deed and Mortgage Bond , Form 54 and extracts, the loan amount will be disbursed in full. (Transfer deed to be executed by one of our panel lawyers. Mortgage Bond to be executed by our legal officer/panel lawyer)

II. Construction loans - On receipt of registered Mortgage Bond and extracts, the loan amount will be released in installments. Construction work must be finalized within 12 months of the receipt of the first installment during which only interest on disbursed amount are payable

III. Redemption loans - On receipt of registered M.B. & extracts and a letter of undertaking from the relevant institution stating that the original documents in their custody will be released to us after full settlement of loan is necessary.

Repayment

Should be made in equal monthly installments on the basis of diminishing capital.

NOTE : The above particulars are details prepared to assist you when applying for a loan. Our institution retains the right of making a final decision in accordance with the general rules and regulations governing such matters as the maximum amount of loan made available, rates of interest, the repayment period , value of security etc. Your application and the other documents can be handed over to any of our Branches. If you require any further details please contact a Customer Services Officer or Branch Manager.

Source: http://www.hdfc.lk/kedalla.asp

PIYASA LOAN FACILITIES - Seylan Bank

2008-03-15T09:07:00.000-07:00

PIYASA LOAN FACILITIES - Seylan Bank
This is the quickest, easiest and most convenient loan scheme that will take your dream home from the drawing boards to reality.

Look at its advantages;
Buy land, build, purchase or even renovate or extend, for which you can borrow as much as 100% of the estimate. (In most cases)

Loans available from Rs.50,000/- to Rs.10 Million.

Repayment spread upto 25 years.

Loans processed in just 2 weeks, if all documents are in order.

The Mortgagee Protection Policy protects dependants from liability in the event of the inevitable.

Piyasa Siri Nivasa…an additional loan which is granted after 6 months for the purchase of household effects and furniture.

The added advantage of the Piyasa Centre, located on the first floor of our Havelock Town Branch at 164-166, Havelock Road, Colombo 05.

To get on the shortest path to your own dream home talk to the Manager of your nearest Seylan bank or call our Hotline: 074514601/2/4

Source: http://www.eseylan.com/loan_facilities.asp

Alankara Housing Loans - NSB

2008-03-15T09:05:00.000-07:00

Serving with equity to all our customers, NSB believes that your house and its surroundings should be to your heart's desire: safe, hygienic and pleasant. After all home is where your heart is.
NSB introduces "ALANKARA" just for this purpose. Alankara helps equip your house to the heart's content.

Landscaping.
Home improvement / to give your house a facelift.
Purchase of furniture and household equipment.
Modifications to the house.
Construction of a new house.

Eligibility

It is a prerequisite to have an authentication of fixed/ steady monthly income in order to obtain this loan.

The maximum repayment period is 30 years.

The property for which the loan is granted will be held by the bank as security against the loan during the period of loan repayment,

Source: http://www.nsb.lk/PB_Alankara_Housing_Loans.asp

Saranee Housing Loans - NSB

2008-03-15T09:04:00.000-07:00

The foreign employees go through immense hardship in order to realize dreams of a better tomorrow for them and their precious families. Building your own home is one of them.
"SARANI" housing loan is designed specially for those of you who cannot authenticate the monthly income by means of a contract of foreign employment, and is a special project by NSB with the collaboration of the Sri Lanka Bureau of Foreign Employment.

"SARANI" loan is intended for,

• Construction or purchase of a house of your own.
• Purchase of a block of land to build a house.
• Completing construction of a new house or effecting
extensions/repairs to an existing house.
• Repayment of a loan obtained from a recognized
financial institution for housing purposes.

You need to hold an NSB NRFC account in order to be eligible for the housing loan.
Even if you are not in Sri Lanka, you can empower a nominated person by means of a Power of Attorney, to receive the loan amount on behalf of you.
You can apply for a maximum of Rs. 300,000/- at a nominal interest rate of 5%.
With "SARANI" you receive a repayment period of up to 5 years

Source: http://www.nsb.lk/PB_Saranee_Housing_Loans.asp

Ithurum Niwasa - NSB

2008-03-15T09:02:00.000-07:00

What is special about the 'Ithurum Nivasa' Housing Loan Savings Scheme?

When you wish to purchase land, renovate your house, build a house or buy one, you approach a bank to obtain a housing loan.

Then come the usual questions:

"Are you permanently employed?"
"Where is your pay sheet?"
"Do you have an income tax file?"

You won't have to answer such questions when you apply for a housing loan from NSB, under our Ithurum Nivasa Housing Loan Savings Scheme. To be eligible for a housing loan all you need to have is a monthly income. You should then open an "Ithurum Nivasa Housing Loan Savings Account" at any NSB branch, with a monthly deposit of Rs. 1,000/- to Rs. 12,000/-. After continuing your monthly deposit for a period of 12 months you could apply for a housing loan. Repayment will be in monthly instalments equivalent to the amount of your monthly deposit. For example, if your monthly deposit is Rs. 1,000/- and you maintain it continuously for 12 months, you will be eligible for a loan of Rs. 90,000/-, repayable in monthly instalments of Rs. 1,000/-.

What is special about the 'Ithurum Nivasa' Housing Loan Savings Scheme?
It is special because applicants do not have to submit salary slips or income tax returns in evidence of their income. They should however, have a monthly income.

Who can obtain Housing Loans?
Sri Lankans between 18 and 55 years of age with a monthly or seasonal income are eligible to obtain loans under this scheme.

How do I qualify for a loan?

You can qualify for a Housing Loan by opening an 'Ithurum Nivasa' Housing Loan Savings Account in the Credit Division at Head Office or at any of our branches situated island-wide and making a monthly deposit of a sum between Rs. 1000/- and Rs. I 2,000/- in multiples of Rs. 500/- for a continuous period of 12 months.

What is the quantum of loan I can obtain?

You could obtain a loan from Rs. 90,000/- to a maximum of Rs. 1,000,000/- either to construct or purchase a house of your own, to complete construction of a new house or for extensions/repairs to an existing house, to repay a loan obtained from a recognised financial institution for housing purposes or to purchase a block of land to build a house.

Conditions governing 'Ithurum Nivasa' Housing Loan Savings Scheme

A depositor who wishes to obtain a housing loan under this scheme should be able to offer a suitable property as security against his/her loan. The house to be constructed or the land to be purchased with the loan should be mortgaged to the Bank.
The loan will be granted against the primary mortgage of the property offered as security.
The annual interest payable on 'Ithurum Nivasa' Housing Loan Savings Accounts is the same as the rate of interest payable on ordinary savings accounts.
You will not be permitted to make withdrawals from your 'Ithurum Nivasa' Housing Loan Savings Account until such time as you have paid back the loan in full. However, if you are in a position to pay back your loan in full, you will be permitted to set-off the proceeds of your 'Ithurum Nivasa' Housing Loan Savings Account against your housing loan.
After obtaining the loan, you will be required to hand over your pass book to the Bank. You will also be requested to furnish a Letter of Set-off bearing your signature, permitting the Bank to set-off your 'Ithurum Nivasa' Housing Loan Savings Account balance against your loan account in case of default.
Prospective loan applicants should obtain their loans within one year from the date of completion of the contractual period of the 'Ithurum Nivasa' Housing Loan Savings Account.
After one year, the 'Ithurum Nivasa' Housing Loan Savings Account will be converted to a Fixed Deposit account paying annual interest.
A loan applicant can open a joint 'Ithurum Nivasa' Housing Loan Savings Account with his/her spouse or a close relative at the Bank's discretion. In such instances, the loan account should be in the names of all the joint account holders.
The maximum period within which a loan should be repaid is 30 years and the maximum age limit is 65 years.
The quantum of the loan will be 60% of the valuation if it's for purchase of land and 75% of the estimated cost if it is for construction. We could consider granting you the entire estimated amount subject to the above conditions.

This loan scheme is subject to the conditions in force at present and which may come into effect in the future from time to time.

Special facilities you will enjoy

By the time you finish paying back your loan, the balance in your 'Ithurum Nivasa' Housing Loan Savings Account will be much more than the loan you obtained.
The Bank does not levy Service Charges on these loans.

Rates of Interest
The rates of interest applicable to this loan scheme are .the same as the rates applicable to Ge-Dora Housing Loans.

How can I obtain further details in this regard?
Further details could be obtained from the Credit Manager at Head Office, National Savings Bank, Colombo 3 or the Manager of the closest Branch of the National Savings Bank.

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.l

Source: http://www.nsb.lk/PB_Ithurum_Niwasa.asp

Express Housing Loan - NSB

2008-03-15T09:01:00.000-07:00

The National Savings Bank, an emerging leader in the field of housing loans, now offers you yet another facility, Express Service Housing Loans to enable you to make your dream home come true, really fast.

1. How fast is this Express service?

Loans will be released within 24 business hours (4 working days) to serve customers who are in need of funds, urgently.

Funds requisitioned through loan applications registered before 12.30 p.m. on the 1st day will be released on the 4th day, provided the documents are in order.

2. In what areas does the Express Service operate?

Initially, this scheme will be restricted to customers who intend mortgaging properties located within the Land Registry Divisions of Colombo & Mt. Lavinia.

3. What are the other important considerations?

3.1 You will be required to obtain a Mortgagee's Title Insurance Policy from the Sri Lanka Insurance Corporation Ltd. in respect of all loans disbursed through the Express Service.

3.2 In case of loans for purchase of property, Transfer Deeds will be executed by the Chief Legal Officer of the Bank, at a fee.

3.3 Proceeds of the loan will be released by way of cheques drawn in favour of the Borrower's/Vendor's Current A/c.

4. Special Levy
Up to Rs. 2Mn. - I % of the loan amount subject to a minimum of Rs. 7,500/=

From Rs. 2 Mn. To Rs. 10 Mn. -1% of the loan amount for the first Rs. 2 Mn. plus 0.25% of the loan amount for each additional Rs. I Mn.

5. Any Further information, which you may require regarding Express Service Housing Loans?

Express Service Housing Loans come under the Ge Dora Housing Loan Scheme. You are therefore advised to read this brochure along with the brochure on Ge Dora Housing Loans.

Further information in this regard could be obtained from the Credit Division at the Head Office of National Savings Bank.

Credit Manager
Credit Division:
National Savings Bank
Colombo 3.

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

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

Mihindu Sevana Housing Loan - NSB

2008-03-15T08:56:00.000-07:00

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

Housing Loan Programs in Sri Lanka

2008-03-15T08:46:00.000-07:00

There are many housing loan programs in sri lanka provided by various banks.
some housing loan banks in sri lanka,
*National Savings Bank
*NSB
*HSBC
*NDB
*People's Bank
*HNB (Hatton National Bank)
*HDFS Bank
*Commercial Bank
*Seylan Bank

7.2	In the event of a defect in the title, a title insurance is mandatory
7.3	Fire Insurance is mandatory and should be renewed annually.

*	For purchase of house
*	Construction
*	Redemption loan (if there is a house)

9.1	Original deed and 2 photo copies along with copies of previous deeds and plans to cover title upto 30 yrs
9.2	Extracts of volume folios of the Registers maintained at the Land Registries to cover title up to 30 years.
9.3	Approved survey plan with 3 copies there of (plan should be drawn within 20 years). (access to the land connected to a main road should be shown)
9.4	Documents to be obtained from Local Government Authorities: Certificate of ownership Certificate of non vesting Street line Certificates (only if applicable) Building line Certificate Notice of Rates Assessment (current year) Receipt for payment of Assessment Rates for the last quarter of current year.

Amount of loan	Valuation
Rs. 200,000/-	1000/-
Rs. 300,000/-	1200/-
Rs. 500,000/-	1350/-
Rs. 1,000,000/-	1850/-
Over Rs. 1,000,000/-	2200/-