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Who
can apply? |
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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 : |
| • |
Purchase of a house or Land. |
| • |
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. |
| • |
Renovate, modify or extend an existing house. |
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Period : |
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Maximum repayment period will be 05 years and should
not exceed the balance |
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period of employment abroad. |
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Rate of Interest : |
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Interest rate will be linked to LIBOR subject to review
every 03 months with a |
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minimum rate |
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Loan Amount : |
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Minimum Loan amount is USD 5000 no upper limits fixed. |
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|
| a) |
The maximum loan amount is determined, considering
the repayment capacity & the Forced Sale Value (FSV)
of the property as determined by the Bank. |
| 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. |
| c) |
To Extend or renovate your house, applicant can borrow
up to 90% of the bill of quantity (BOQ) value. |
| d) |
Loan will be in USD and proceeds of loan will be released
only in Sri Lankan rupees. |
| e) |
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 |
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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 |
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service including the period of balance employment. |
| 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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Approved building plan and |
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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 |
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documents / certificates. |
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For more details, please contact: |
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| Tel No : |
+94 (0)112 30 30 50 |
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