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| Foreign
Currency Housing Loans |
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| Who
can apply for a Sampath Sevana Foreign Currency Housing Loan? |
| Sri
Lankans who are employed abroad and have a monthly income either individually
or jointly with the spouse, in excess of Rs. 20,000/- in foreign currency. |
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| They
should have a Current / Savings Account and NRFC account with Sampath
Bank PLC. |
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| Purpose
: |
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Purchase
of a house or Land. |
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Construction
of a house. |
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Purchase
a bare land & construct a house for residential purposes. |
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Complete
the construction of a partially built house. |
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Renovate,
modify or extend an existing house. |
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| Period
: |
| Maximum
repayment period will be 05 years and should not exceed the balance
period of employment abroad. |
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| Rate
of Interest : |
| Interest
rate will be linked to LIBOR subject to review every 03 months with
a minimum rate |
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| Loan
Amount : |
| Minimum
Loan amount is USD 5000 no upper limits fixed. |
| a) |
The
maximum loan amount is determined, considering the repayment
capacity & the Forced Sale Value (FSV) of the property as
determined by the Bank. |
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| b) |
To
purchase a house or to purchase a land and construct a house,
applicant can borrow up to 70% of the total cost of the housing
project. |
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| c) |
To
Extend or renovate your house, applicant can borrow up to 90%
of the bill of quantity (BOQ) value. |
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| d) |
Loan will
be in USD and proceeds of loan will be released only in Sri
Lankan rupees. |
| e)
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Repayment
should be made in foreign currency through the NRFC account. |
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| Conditions
: |
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Any
balance in the loan account at the time of returning to the island
at the end of the period of employment shall be settled in full by
using the applicants savings and terminal benefits |
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In
addition to the monthly loan installment, applicant shall remit 10%
(Minimum) of the monthly installment to his / her separate NRFC account
to keep as a reserve. |
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| Security
: |
| 1. |
Primary mortgage over the property on which the facility to be granted. |
| 2. |
Another
property owned by the applicant can also be considered for mortgage
on a case by case basis. |
| 3. |
Lien
on foreign currency deposit. |
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| Documents
to be submitted : |
| 1. |
Application (Can be downloaded). |
| 2. |
Letter
from employer stating that Net salary, Allowances, Designation, Period
of service including the period of balance employment. |
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| 3. |
Last
06 months salary slips |
| 4. |
Last 06 months bank statements |
| 5. |
Copy
of the service agreement. |
| 6. |
Copy
of the passport/Visa |
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| Legal
Documents : |
| 1. |
Copy
of the title deed |
| 2. |
Copy
of the survey plan |
| 3. |
Certified
extracts for last 30 years |
| 4. |
Local
Authority certificates. |
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a) |
Street
Line/Building line |
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b) |
Non vesting
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c) |
Ownership
certificate |
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d) |
Tax receipts/Assessment
Notices |
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| 5.
In the case of construction |
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a) |
Approved
building plan and |
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b) |
Bill
of quantity (BOQ) |
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| 6.
In case of purchase of a house |
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a) |
Consent
of the vendor indicating the selling price |
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b) |
Certificate
of conformity (COC) |
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| Note
– In addition to the above documents, bank may also
call for additional documents / Certificates |
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