Commercial Bank slashes interest rates on home loans
Tuesday, 14 October 2014 11:21
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The Commercial Bank of Ceylon has announced further reductions in interest rates applicable to the Bank’s Home Loans along with fast-tracked approvals and discounts from selected suppliers of materials and fittings.
The Floating Rate has been reduced to 9.5%, while the Fixed Rates have been reduced to 10.5% and 12% for loans up to 10 years and above 10 years respectively, the Bank said.
For fixed income earners, Home Loans are now being approved within three working days on receipt of all specified documents.
Apart from that, the Bank said it has secured discounts up to 35% from building material suppliers on selected building materials such as cement and allied products, paint and wood care products, floor and wall tiles, roofing sheets, electrical wiring, switches and allied electrical accessories, and bathroom ware and accessories for customers who obtain Home Loans for construction purposes.
“Supporting the aspirations of Sri Lankans to build their own homes fits perfectly with our brand promise of ‘For a Better Future.’ We therefore periodically review products like Home Loans in order to give our customers the best deal possible. Our Online banking customers can apply for Home Loans through the online banking platform,” said Chandana Gunasekera, Deputy General Manager – Personal Banking at Commercial Bank.
Commercial Bank Home Loans are available for the purposes of purchase of land, a house or condominium apartment, construction of a house, purchase of land and construction of a house, renovations, extensions or completion of construction or for repayment of a home loan obtained from another institution.
The Bank even offers foreign currency Home Loans designed for Sri Lankans working overseas who are in a position to repay the loan in foreign currency.
Applicants are also offered the flexibility and convenience of choosing the loan amount according to their specific requirements and income, and a maximum repayment period of 20 years.
