The Employees Trust Fund on Wednesday signed on with Seylan Bank to offer low cost housing loans to its 2.2 mn members.
The state provident fund has lent Rs.
250 mn to Seylan Bank initially, with a promise to raise the limit, depending on the banks performance.
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rnTo be eligible for the lquote Viyana housing loan scheme, ETF members should earn a minimum of Rs. 15,000 per month, plus contribute to the provident fund for a five-year period.rn
rnETF is offering the funds at around nine percent to Seylan, who will in turn lend at 11.5 percent, with repayments spread over a 20-years.
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rnThe loans are given to buy land/house and construct/renovate/extend houses. Loan facilities range from Rs. 200,000 to Rs. 1 mn.rn
rnldblquote We hope this loan scheme will bring about a boom in the housing market and a fillip to the construction industry, dblquote ETF Chairman, Dinesh Weerakkody said during the signing ceremony.rn
rnFollowing a competitive evaluation process, ETF selected Seylan for its aggress