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| Sunday, 14 July 2002 |
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| News Business Features Editorial
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ETF, NDB Housing facilitate roof above your head Viyana, the housing loan scheme launched by the Employees Trust Fund (ETF) together with the NDB Housing Bank, will assist members build or improve their homes. The ETF will provide funding support to NDB Housing Bank and the bank will give the loans to members of the ETF for purchase, construction, extension, repairs, renovations and improvements. The interest rate is 14.5 per cent per annum and the maximum repayment period is 20 years. A member can get between Rs. 250,000 and Rs. 1 million. The bank will process the loan within seven days if all documents are available. Chairman, ETF, Dinesh Weerakkody, launching the scheme, said: "The ETF has 2.2 million members on its roll. Until now, the Fund has not offered any extraordinary benefits to them. Housing is a basic need, but it is not easy for people to raise housing loans. Given the historic volatility of interest rates in Sri Lanka, housing loans have become expensive while the demand for housing is increasing", he added. "Therefore, we entered this partnership with NDB Housing Bank to offer speedy loans at attractive rates to our members. This step will help the growth of housing as well as give a filip to the construction industry," he added. To be eligible for a loan, ETF members should have been in continuous employment for five years and contribute, to the ETF. The loan will be processed after the bank assesses the employees ability to repay and also the legal and technical aspects of the property. CEO of NDB Housing Bank Faizal Salieh said: "The bank will offer a host of benefits to ETF members besides the loan, including discounts on building materials, turnkey contractors and technical advice on cost reduction." He said that ETF members who are eligible for loans above Rs 1 million will be offered an additional loan at the bank's usual lending rates to enable them to complete their houses. |
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