The dream of living in one’s own home has become more affordable with Commercial Bank of Ceylon once again announcing its special Home Loans promotion which offers reduced interest rates starting from 7 percent to government and public sector salaried employees and from 8.25 percent per annum for other sectors, with discounts of up to 40 percent from selected suppliers of building materials and fittings. 

Commercial Bank’s Home Loan promo offers can even be enjoyed by borrowers who are not banking with the Bank at the moment, the bank said. 

Notably, the 7 percent special rate declared by the Central Bank of Sri Lankafor government and public sector employees enables them to continue to enjoythe lowest available rate on
Home Loans. The reduced rate of 8.25 percent offered during the promotion will be available until the end of October this year. 

The promotion promises aspiring homeowners the benefit of fast-tracked approvals under the ‘Speed Home Loans’ feature:subject to the submission of all required documents, loans will be approved within three working days at no additional cost, and the funds will reach the borrower within 14 days, the bank said. The promotion also offers customers a variety of flexible repayment plans that best suit their earnings, projected income, and terminal benefits. 

Furthermore, Commercial Bank offers the lowest interest rates in the country for long-tenor Home Loans and is the only bank in the country to provide the benefit of fixed interest rates on Home Loans repayable over a period of up to 20 years. 

Meanwhile, the Home Loan promo discount scheme, a unique feature that can be enjoyed by recipients of Commercial Bank Home 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, CCTV accessories, and hardware items.

The bank’s flexible repayment options include Residual Home Loans and Step-up Home Loans which have been designed for applicants whose repayment capacities are inadequate or exceed 60 percent 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.

Additionally, the bank said it also offers a five-year grace period for professionals and high net worth individuals, where they could pay only the interest up to five years and then pay the capital and interest due under any suitable method of repayment available with the bank.  Repayment for these loans can be made under an equated monthly instalment, a reducing balance method as per customers’ choice, or under a Residual or a Step-up Home Loan which best suits the borrower, the bank said.