Commercial Bank cuts home loans’ interest rates to 9.5-10.5% per annum
View(s):The Commercial Bank of Ceylon on Monday announced a further reduction in interest rates on its home loans along with fast-tracked approvals and discounts from selected suppliers of materials and fittings.
The Floating Rate has been reduced to 9.5 per cent, while the Fixed Rates have been reduced to 10.5 per cent and 12 per cent for loans up to 10 years and above 10 years respectively, according to a bank statement.
For fixed income earners, home loans are now being approved within three working days on receipt of all specified documents.
Apart from that, the bank said it has secured discounts up to 35 per cent from building material suppliers on selected building materials such as cement and allied products, paint and wood care products, floor and wall tiles, roofing sheets, electrical wiring, switches and allied electrical accessories, and bathroom ware and accessories for customers who obtain Home Loans for construction purposes.
Commercial Bank Home Loans are available for the purposes of purchase of land, a house or condominium apartment, construction of a house, purchase of land and construction of a house, renovations, extensions or completion of construction or for repayment of a home loan obtained from another institution.
“The bank even offers foreign currency Home Loans designed for Sri Lankans working overseas who are in a position to repay the loan in foreign currency,” it said.