NSB to make your first dream house a reality
National Savings Bank ( NSB), the leading bank for housing loans in the country was selected by the government to encourage people, to make the dream of a house, a reality while involving in a lifetime investment of your own house.
A special housing loan scheme of 7% interest rate was thereby introduced by the bank for the first time in Sri Lanka. This is an interest subsidiary loan scheme with a 7% interest rate during the first five years where the government will be giving a subsidiary of 5%. After the five year period, the loan will be according to the commercial rates.
The loan can be obtained up to Rs. five million and this loan scheme is eligible only for the people who are either purchasing or constructing a house for the very first time. The applier should be employed either in the government or private sector with an income less than Rs. 150 000. The applier can also join with the spouse as long as their total income does not exceed Rs. 150 000. Basically, this is to extend a helping hand for the middle income citizens to have a chance to own a house for the first time.
The applier’s age should be in the range of 18 to 60 years where the loan is needed to be settled by the age of 60. Also, the maximum time period for this loan is thirty years.
The following should be presented by anyone who applies for this loan scheme; a document certified by the village officer (Grama sewaka) and regional secretariat to prove that this loan is obtained to put up the very first house and that no house was previously owned, a legally clear land to be pawned for security, building plan and the approved survey plan if the house is to be constructed, an approved BOQ- bill of quantities if the house is being constructed on a land already purchased where 75% of the value of BOQ will be provided and an acceptable crib report.
The loan will be disbursed on a progressive basis according to the stages of construction based on the development. This loan is granted only to purchase a house or to build one on an already owned land.
Ms. Christine Jesudian, the Dy. General Manager (Credit) of NSB stated, “If you are able to settle the loan by the five year time period, you can experience the full benefit of this special loan scheme.”
All the 255 branches present islandwide provide the service and any inquiries can be made through the call centre- 0112379379.
This government initiative encourages young people who are new to the job market and according to Mr. Karunatilaka, the Deputy General Manager (Marketing) of NSB, this special loan scheme is a golden opportunity to put up your own house.
Under Enterprise Sri Lanka, 15 loan schemes are introduced to people from all the sectors like agriculture, tourism, etc. with the aim of uplifting the industries and empowering entrepreneurs to increase per capita. In addition to the concessionary loan schemes, the special fact is that career education is also offered by the bank.
‘Jaya Isuru’ loan scheme is provided to all entrepreneurs both small scale and medium scale in agriculture, livestock, fisheries, tourism, etc. ‘ Govi Navodha’ loan scheme is offered as a personal loan to develop the agricultural industry. ‘ Haritha naya’ is a loan scheme that can be obtained up to one million by currently unemployed or to those who wish to improve and expand their businesses. This aims to encourage industries in manufacturing packaging products with biodegradable materials.
‘Home stay’ is also a novel loan scheme introduced to develop tourism. For this to be obtained, the approval from the Sri Lanka tourism development authority (SLTDA) is required.
‘Soduru piyasa’ is another loan scheme offered by NSB which can be obtained to repair, expand or develop houses.
A loan scheme offered under many concessions is the ‘ Buddhi loan’ provided as an education loan. It can be obtained for higher education purposes pursued either locally or abroad. The interest can be paid initially and after completing the higher education, the capital can be paid while doing the job. A six month time period is also given for the student to settle down for a job. The documents needed to be submitted to obtain this loan are; the admission, invoice issued by the relevant university or higher education institute and they should be able to ensure that the interest can be paid.
NSB being the most successful and efficient bank in providing loan schemes with low interest rates aims to pave the way for citizens towards their success stories.
Co-ordinated by Amar Gunasekera - 0773219780