Rata Ithuru Housing Loan

National Savings Bank, which has always been your friend in need, offers housing loan facilities with a host of special concessions to enable Sri Lankan migrant employees abroad to obtain housing loans.

For what purposes are loans granted?

• To construct or purchase a house of your own.
• To purchase a block of land to build a house.
• To complete construction of a new house or for extensions/repairs of an existing house.
• To repay a loan obtained from a recognised financial institution for housing purposes.

Who can obtain housing loans?

If you are ………

• Permanently employed abroad and in receipt of a monthly salary.

• Employed abroad on contract basis and in receipt of a monthly salary.

• Self-employed abroad and in receipt of a monthly income.

You will be required to open a "Rata Ithuru" savings account before applying for a housing loan and remit a sum equivalent to the loan instalment to be credited to the account, before obtaining the final loan instalment.

What is the quantum of loan one can obtain?

The quantum of loan will be determined on the following considerations:

• Nature of the applicant's contract of employment and his repayment capacity.
• Age of the applicant.
• Value of the property to be mortgaged.
• Purpose of the loan applied.

In case of persons, working abroad without a formal contract or on self-employed basis, they will also become eligible for a housing loan under the "Ithurum Niwasa" housing loans scheme. Any person who wishes to obtain a housing loan under this scheme will be required to open an "Ithurum Niwasa" savings account. The period of repayment will be determined by taking into consideration the nature of the contract of the employment.

The maximum loan amount that could be obtained under the "Ithurum Niwasa" Savings Scheme will be
Rs.1 Mn. irrespective of the purpose.

How much of time is allowed for repayment of a loan?

• The repayment period is 05 years. However, this could be extended up to 10 years, depending on the nature of the contract of the employee.>
• The maximum age limit before which you should complete your repayment of the loan is 65 years.

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

Yes. The house/land to be constructed / purchased or the house to be completed/repaired/extended, or another immovable property should be mortgaged to the Bank as a security for your loan.

For more details contact NSB Call Centre- (+94 11 2379379) 24 Hour Service