Tuesday Nov 05, 2024
FT
Tuesday Nov 05, 2024
Wednesday, 24 July 2019 00:00 - - {{hitsCtrl.values.hits}}
The Commercial Bank of Ceylon has announced a limited duration reduction in the interest rates applicable to the bank’s home loans along with fast-tracked approvals and discounts from selected suppliers of materials and fittings.
The return of the bank’s ‘Home Loans Fiesta’ enables aspiring home builders to obtain loans with reduced interest rates starting from just 13% and to receive discounts of up to 35% on selected building materials.
Features of this promotion that will run until the end of September 2019 include ‘Speed Home Loans’ under which loans will be approved within three working days on receipt of all required documents, and the money will reach the borrower within 14 days, the bank said.
The discount scheme that can be availed by those obtaining loans for home construction covers building materials such as roofing sheets, cement, paints, floor and wall tiles and allied products, electrical accessories, wood care products, bathroom fittings and accessories, PVC pipes and fittings, and hardware items.
Furthermore, as part of ‘Home Loans Fiesta’ the bank is also offering novel repayment options based on projected income and terminal benefits that make ‘Flexi Home Loans’ possible. This product enables customers to obtain ‘Residual Home Loans’ and ‘Step-up Home Loans’ which have been designed for applicants whose repayment capacities are inadequate or exceed 60% of the total remuneration, when the monthly instalment is calculated under traditional methods.
Under Residual Home Loans, customers can repay part of the capital and postpone the repayment of the balance capital. Under Step-up Loans, tailor-made, graduated repayment plans are offered, after evaluating the applicant’s present and projected income such as salary increments, bonuses and expiration of existing financial commitments.
Commercial Bank’s Home Loans are available for purchase of a house, apartment or land, building of a house, completion of a partially-built house, renovation or extension, and for paying off an existing home related loan.
