General Conditions

General conditions for “Mihindu Sevana Housing Loan Scheme

How much time is allowed for repayment of a loan?

"Time is yours"

The repayment period is allowed up to a maximum period of………..

• 30 years for Permanent employees.

• 10 years for income-tax payers.

• 5 years if employed in abroad.

• 15 years if self-employed.

The repayment period will be varied depending on the age of the applicant.

How long does it take to obtain a loan?

"Time depends on you"

If all the documents, which have to be handed over with the application form are in order you can obtain your housing loan from our Head Office, loan centers or any of our branches within a very short period.

Our Express Housing Loan service is now available for eligible applicants at a fee.

Is it necessary to offer a security in order to obtain a housing loan?

"Security is the property"

Mortgage of the property which has a clear title

What are the other matters, which have to be mindful of, when obtain a housing loan?

• Loans are not granted to purchase a property from near family members and relatives.

• When purchasing a land, the extent should not exceed 20 perches in Municipal Council areas, 40 perches in Urban Council areas and 50 perches in "Pradesheeya Sabha" areas. In instances where the above limits are exceeded, the land area to be taken for valuation will be confined to the maximum extents prescribed above.

What are the expenses to be borne?

• Valuation fee.
• Inspection fee.

• Credit Information Bureau fee.
• Mortgage Bond registration fee.
• Title Insurance Policy fee (if applicable).
• Fire Insurance Policy fee (if applicable).
• Service charges

Value Added Service,

"Documents preparation by the Bank"

A value added service is available by way of preparation of documents that are required to apply for a housing loan. This service is for you if you are heavily engaged in daily official and professional business and have no time to devote for prepare these documents. This service can be obtained from our credit division at Head Office.

What are the charges you have to bear for this service?

Amount of loan Rs.

Up to Rs 1,000,000/- (Minimum)9,000/-

Rs. 1,000,000/- -- 2,000,000/- 10,000/-

Rs. 2,000,000/- -- 2,500,000/- 11,500/- 

Over Rs 2,500,000/- (Maximum)15,000/-

What are the documents arranged?

• Local authority documents.
• Extracts from the land registry
• Approval of survey plan.
• Title report

Further details in this regard could be obtained from the Credit Division at the Head Office or NSB Call Centre on +94 11 2379379.