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% to Government and Public sector salaried employees and from 8.25% per annum for other sectors, with discounts of up to 40% 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% special rate declared by the Central Bank of Sri Lanka for government and public sector employees enables them to continue to enjoy the lowest available rate on Home Loans.
The reduced rate of 8.25% 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.
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