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.

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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
	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