Loan Against Property

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.
Advisory Service.

Repayment

Repayment period up to 25 Years, subject to full settlement prior to reaching 60 years of age or Retirement age whichever is earlier.

Eligibility

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.

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/-) (%)
01 year	8.0000	8.5000
02 years	8.5000	9.0000
05 years	9.2500	9.7500
10 years	11.0000	11.5000

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 5,000,000 LKR 5,000,001 up to LKR 25,000,000	LKR 50,000 LKR 50,000 + 0.5% on the remaining balance
	Above LKR 25,0Mio LKR 25,000,000/- LKR 25,000,0001 and above	LKR 150,000/- 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
Valuation Fee	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.
	Mortgage Policy	Mandatory
	Fire Insurance	As per valuation