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Let your property work for you; let it support to upgrade your life, business or investments for your future. Seylan Loan Against Property (LAP) is a tailor made loan available for salaried employees against the mortgage over his/her residential property and repayment backed the salary assignment.
Loan for any need.
Loan from a minimum of LKR 3 million up to a maximum LKR 100 million or 75% of the Forced Sale value.
How to get started
- Repayment period up to 25 Years, subject to full settlement prior to reaching 60 years of age or Retirement age whichever is earlier.
- Sri Lankan citizens Employed in Sri Lanka aged 18 years and above
- Net Income over LKR 50,000/-
- Permanent employee who have completed a minimum period of 12 months.
- CRIB clear
- Total financial commitments including LAP to be within 60% of net fixed income.
Interest Rates & Fees
|Tenure (fixed)||Special Rate for Permanent employees with Salary Assignment (Salary above LKR 300,000/-) (%)||Special Rate for Permanent employees with Salary Assignment ( Salary up to LKR 299,999/-) (%)||Rate for Non- Salary assigned clients (%)|
|Loan Against Property (LAP) Charges|
|Processing Fee||0.5% of Loan Amount Minimum LKR 15,000/- to Maximum LKR 100,000/-|
|Mortgage Bond||Loan Amount|
|Up to LKR 5,000,000/-||1% of Loan amount -, Minimum LKR 5,000|
LKR 5,000,000 up to LKR 25,000,000
LKR 5,000,001 up to LKR 25,000,000
LKR 50,000 + 0.5% on the remaining balance
Above LKR 25,0Mio
LKR 25,000,0001 and above
LKR 150,000/-+ 0.25%
|VAT||Mortgage Charges x 8%|
|Mortgage Bond Total = Mortgage Charges + VAT|
|Valuation Fee||Depends on Valuation + Travelling Charges e.g. If Loan Amount = LKR 2,000,000/-,Valuation Fee = LKR 2,000/- + travelling charges|
|Title Search Charges||As applicable by the respective lawyers who are outsourced and employed by the bank|
|Stamp Duty||Purchase or Construction of a House - Below LKR 3,000,000/-||No Charges|
|Purchase or Construction of a House - Above LKR 3,000,000/-||0.1% of Loan Amount|
|For Transfer deeds - Up to LKR 100,000/-||3.0% of Transfer deed value|
|For Transfer deeds - Above LKR 100,000/-||4.0%of Transfer deed value|
|Insurance Policies||Title Insurance Policy||On evaluation requirement.|
|Fire Insurance||As per valuation|