Friday, 7 November 2014 00:01
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It is a pleasure for all the poor Sri Lankans who are mostly depending on loans to see the interest rates (bank lending rates) are coming down when compared with the previous years (I only looking at it from the borrowers’ point of view).
It is a known fact that most of the Sri Lankan are purely depending on housing loans to make their dreams about a home, a reality. For this purpose people mortgage their properties to the bank to borrow money for a long period of time.
It is true that the banks will reduce the interest rates charges on any loan given to its customers thereafter, but I do think that the benefit of the reduction in interest rates should go to the existing customers as well since these loans are taken for a longer period.
When the interest reductions were announced, all the banks started advertising on their facilities and the revised interest rates. But none of the banks are willing to give the advantage or the benefit to their existing customers who were there with them for a long time.
I kindly request an introduction of a method to all commercial banks for their long-term lending, to reduce the interest rates by a substantial figure, which will create at least a small benefit to the customers (borrowers), so that it will in return enhance the living standards of people and be treated fairly by the relevant authorities.
Ranasinghe M.
