Sri Lankans aspiring to build or buy their first home with bank loans will receive a significant financial concession from the Commercial Bank of Ceylon with the introduction of a new Home Loans product that offers a free or discounted Decreasing Term Assurance Policy (DTAP) covering the loan.
Another first in Sri Lanka, Commercial Bank’s ‘First Time Home Buyers and Builders’ scheme is designed to eliminate or reduce the burden of the cost of the loan protection insurance at a time when construction costs as well as interest rates are rising, the Bank said.
While the Bank will contribute 100% of the premiums of the DTAP in respect of home loans granted to borrowers below the age of 40, borrowers above 40 and up to 50 will enjoy a concession of 50% on their DTAP premiums. The discount on DTAP premiums would be 25% for borrowers in the above 50 and below 60 category.
By providing the DTAP free or at concessionary rates, the Bank said it is also contributing to ensure that customers and their dependents are protected against the risk of the applicant’s untimely death or total and permanent disability. The significance of the availability of a DTAP is that in the event of such an occurrence during the term of the loan, the insurance company will settle the loan in full.
ComBank launches home loan scheme for first timers
03 Apr 2022
ComBank launches home loan scheme for first timers
03 Apr 2022
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