Housing Loans

Following housing loan schemes are currently available. Please contact the District Manager for more details.

Loan Scheme Maximum Loan Amount
1.  50,000 Housing Loans under "Samata Sevana" Programme  :               Rs: 100,000
2.  Scattered Housing Loan Programme                                          :               Rs: 250,000

About 50,000 Housing Loans under "Samata Sevana" Programme

A new housing loan scheme has been introduced under "Samata Sevana" programme in parallel to the Hundred Days State Development Programme by the National Housing Development Authority. Under this loan scheme, an accelerated housing development programme will be implemented to construct 50,000 housing units island wide. This will construct 300 housing units per electorate in 160 electorates in total during the proposed period.

The beneficiaries of this programme will be issued a loan of Rs: 100,000 at a concessionary annual interest of 3.72%. A sum of Rs. 1000.00 will be paid back as an installment for the 10 years payment period by the borrower. A sum of Rs. 5,000 M has been allocated for this loan scheme.

Targeted beneficiaries

Targeted beneficiaries of this loan scheme will be the same as mentioned in the 50,000 Accelerated Housing Development Programme. The low income families of rural and semi-urbanized areas of Sri Lanka are the target group of the special loan scheme. This special loan scheme has been introduced for this group because they have no saving or a credit worthiness to obtain a housing loan from a bank or a financial institute to construct their houses.

Issuing of Loan   

The loan will be issued in installments under the following stages.

Stages 1 - Rs. 20,000.00 - After completion of foundation 
Stages 2 - Rs. 30,000.00 - After completion up to the roof level as agreed 
Stages 3 - Rs. 30,000.00 - After completion of roof of the house as agreed 
Stages 4 - Rs. 20,000.00 - After fully completion of the house as agreed

The repayment of the above loan will be started from the first month onwards after releasing the final stage of the loan. It is compulsory to provide physical progress of construction through photographs to pay each of the loan installments. The review of the progress of construction will be done by technical officers with the beneficiaries daily, in project level.

Eligibility of Borrower and Guarantor for loan bond

•    Monthly income of the borrower’s family should be fivefold than the loan installment and the guarantor’s monthly income should be not less than fivefold than the installment.
•    If the borrower is an employee of a State or State Corporation or Statuary Board or any other accepted private institution, written, certified particulars should be obtained by the employer consent to pay the relevant installment amount deducting from the salary.
•    If the guarantor engages in a self industry or earning by another income source, submission of salary particulars obtained from the Divisional Secretary is compulsory.

Age limit of the borrower  and the guarantor

It should be able to recover the loan before exceeding 60 years of age to the borrower and guarantor. If the recovery period exceeds 60 years when accumulating applicant’s age and recovery period, it is compulsory to name a young joint applicant younger to that time period.(Joint applicant should be a direct relative and he/she should be wife/husband, unmarried child, unmarried brother or sister who is a heir of the plot of land where the house is being constructed or mother /father )

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This Website Last modified: 16 October 2019.

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