Vikasitha

Purpose of the Facility Purchase of a house/construction of a house/purchase of a

Condominium Unit either fully completed or under construction

Eligibility Any person/s who is/are employed in the Public or Private Sector

Age Limit 18 years and above

Maximum Loan Period 25 years. Loan should be fully settled by the age of 60.

Maximum Loan Amount Rs. 5 Mn under the concessionary rate of interest. If the
purchasing price of the house is more than Rs. 5 Mn. loan shall
be granted up to an amount of Rs. 5 Mn. and the balance to be at
the normal interest rate of the Bank depending on the
repayment capacity

Interest Rate • The interest rate applicable for the customer is 7% p.a.
for the first five years.
• The remaining period to be at the floating rate of interest
based on the market rates prevailing at that time.
Income Level - • The borrower’s total income should be less than Rs.
150,000/- per month.
Conditions • Only the first –time home owners are eligible to apply
for this loan.
• Anyone who already owns a house or constructing a
house under his/her/their name/s is/ are not eligible to
apply for this loan.
• The Grama Niladhari and the Divisional Secretary
should confirm that the applicant/s do/es not have any
house under his/her name at the time of applying for
the loan.
• This loan shall not be granted to redeem any other
housing loan.
Joint Applicants • Only the spouse can be considered as the joint
applicant.
• Age of the main applicant shall be considered.
• The property should be owned Jointly by both
applicants.
• The cumulative income of both parties should not
exceed Rs 150,000/- per month.
• Either of the party should not own a house or be in the
process of constructing a house at the time of applying
for the loan.
• Each of the joint applicant’s CRIB report should be at
an acceptable level to the Bank.