ComBank’s strong support to Sri Lankan home builders
View(s):The Commercial Bank of Ceylon has emerged as the biggest supporter of potential home builders in Sri Lanka, achieving market leadership in the ‘Home Loans’ sector.
The bank has announced that its home loans portfolio grew to Rs. 72.965 billion as at 31st March 2024, and achieved the number 1 place, it said in a media release.
The Commercial Bank said it is the first private sector bank to become the market leader for home loans in Sri Lanka.
Commenting on this latest milestone, Commercial Bank Deputy General Manager – Retail Banking and Marketing Hasrath Munasinghe said: “One of the strongest bonds in banking is the one between home builders and the banks that support their aspirations. This is a key focus area for us, and the bank has developed multiple lending options for this segment, generating steady growth in its home loans portfolio despite the challenging economic environment.”
Commercial Bank Home Loans are available for purchase of bare land, a house, apartment, construction of a house, completion of a partially-built house, renovation of or an extension to an existing house, and for settlement of an existing home related loan. Besides its General Home Loans, the bank has a separate loan scheme for first time home buyers and builders as well as Green Home Loans and Foreign Currency Home Loans.
A first in Sri Lanka, Commercial Bank’s ‘First Time Home Buyers & Builders’ scheme offers a free or discounted Decreasing Term Assurance Policy (DTAP) covering the loan, thereby eliminating or reducing the burden of the cost of the loan protection insurance at a time when construction costs are rising. Commercial Bank’s Green Home Loan is another first-of-its-kind product in the market, which enables financing of both Green Building Council certified projects as well as other green initiatives including residential solar installation at the best interest rates coupled with other concessions.
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