You can now put a full stop to the hassle of getting housing loans and make your dream home a reality. You can apply for a Housing Loan from Sampath Bank even if you are 55 years old and settle on a repayment scheme which suits your income.
Sampath Sevana– Hassle free Housing Loans scheme comes with speedy and efficient service, along with tailor-made repayment terms to suit your requirements. This loans scheme is available at our islandwide branch network.
You can select a series of affordable housing loan solutions to suit your lifestyle and income and the key benefits are:
- A unique option that allows you to obtain a housing loan even at the age of 55
- If you are a professional, we have a housing loan scheme with a repayment option to suit your income
- A standard housing loan scheme commensurate with age and repayment capacity
Sampath Sevana Housing Loans enable you to:
- Purchase a house
- Construct a house
- Purchase a bare land & construct a house for residential purposes
- Complete construction of a partially-built house
- Renovate, modify or extend an existing house
Who can apply for a Sampath Sevana Housing Loan?
- Sri Lankan citizens
- Who have a regular Net Individual Monthly Income exceeding Rs. 60,000/-
How much can you borrow?
- The maximum loan amount is determined considering the repayment capacity & the Forced Sale Value (FSV) of the property as stipulated by the Bank.
- To purchase a house or to purchase a land and construct a house, you can borrow up to 70% of the total cost of the housing project.
- To extend or renovate your house, you can borrow up to 75% of the bill of quantity(BOQ) value
Security / Insurance:
- Mortgage over the same property or another immovable property, which is acceptable to the Bank.
- A mortgage protection policy to guarantee repayment of outstanding amount in the case of a contingency.
- Maximum period of 25 years or until the borrower reaches the age of 60
- Monthly installment of the loan should not exceed 40% & the total deduction should not exceed 60% of the total monthly income
- A six-month grace period will be allowed for repayment in case of construction. Only the interest should be paid monthly during this period
Documents to be submitted :
- Application (Can be downloaded)
- Consent of the vendor indicating the selling price( Only for purchase of a land or residential property ).
- Confirmation letter covering designation, salary, allowances , period of service ..
- Undertaking from the employee, to remit the salary to Sampath Bank account of the customer.
- Salary slips for last six months.
In case of other income,
- Bank statements for last 6 months.
- if applicable
- Certificate of Business registration
- Income tax particulars for the past 3 years
- Financial statements for the past 3 years
- Legal Documents:
- Copies of the title deeds
- Survey plan referred to in the Deed which is duly approved by the Local Authority. If this is more than 10 years old, a new survey plan, duly connected to the former plan, is required ( If approval is not required, a letter issued by the Local Authority to this effect)
- Certified original extracts of the property for last 30 years (to be obtained not less than one month from the date of application )
- Local Authority certificates (Issued within the last three months).
- Street Line/Building line
- Non vesting
- Ownership certificate
- Tax receipts/Assessment Notices
- In case purchase of a residential property or construct a house:
- Approved Building plan ( If approval is not required, a letter issued by the Local Authority to this effect)
- Certificate of conformity (COC) - Only for purchase of a residential property
- Bill of quantities acceptable to the bank ( Aplicable only for construction of a house)
- Decreasing Term Assurance Policy (DTAP) to cover for the full loan amount , assigned to the Bank
- Fire, SRCC and subversive insurance cover obtained and assigned to the Bank
Condition: The bank may request additional details/documents if needed.
- Are payment period of up to 25 years
- Loan disbursement in 10 days (if documents are in order)
- Flexible terms and conditions
- Affordable interest rate
- Housing loans can be obtained from our islandwide branch network