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Monetary Board direct licensed banks to charge only seven percent for new mortgage backed housing loans

Interest RatesNov 26, 2020
Monetary Board direct licensed banks to charge only seven percent for new mortgage backed housing loans
Monetary Board direct licensed banks to charge only 7% for new mortgage backed housing loans obtained by salaried employees. This is a complementing the concessional loans schemes proposed by the Government in the Budget 2021, CBSL says. The rate of 7% is applicable for at least for the first five years of the loan tenure and remaining tenure of the loan is to be charged at the monthly Average Weighted Prime Lending Rate (AWPR) plus a margin of up to 1%.

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