The Bank has announced it will provide up to 80% 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 Bank and 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 Mrs 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 prestigious high rise condominium developments in Colombo such as Treasure Trove Residencies (Home Lands Skyline), 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 and Living 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), Trillium Villas – Melder Place (Trillium Property Management), 7th Sense (John Keells) and 77 on Fourth (JAT Engineering).
The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six consecutive years, Commercial Bank operates a network of 251 branches and 640 ATMs in Sri Lanka.
The Bank has won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank, Most Respected Bank from a number of local and international institutions and publications over several years and has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 18 outlets, Myanmar, where it has a Representative Office in Yangon and the Maldives, where the Bank opened a fully-fledged Tier I Bank in September 2016.
The Bank has also received a license to operate a fully-owned Money Transfer Operation in Italy.