Shrama Abhimani

Shrama Abhimani


For applicants interested in obtaining housing loans from SMIB under the

EPF housing loan scheme

1. Eligible purposes

      To construct a house.
  To purchase a house
  To purchase a building site.
  Extension of a house.
  To repair or renovate a house.
  To redeem a loan obtained for any of the above purpose from financial institutions /Individual person.
  To obtain Electricity, water supply facilities etc.


2. Eligible Borrowers

Should be a member of Employees Provident Fund at Central bank of Sri Lanka & could be applied as
  Joint applicants  - Husband & wife


3. Maximum of Loan Amount

Up to 75% of the EPF balance as certified by the Central Bank of Sri Lanka and according to your repayment capacity. 

4. Repayment Period

The maximum repayment period is 15 years or reaching the age of 60 years whichever is lower. Minimum repayment period is  3 years.

5. Security of the Loan

Assignment of balance lying in the EPF at the Central Bank of Sri Lanka (Mortgage of property not required)

6. Bank charges

      Initial deposit- Rs. 1000/-
  Bank charges- 1% of the loan amount
  ACL charges –Rs. 1000/-
  Bank /ACL charges will be recovered at the time of releasing the loan
  Other charges- Inspection , CRIB etc (If applicable)

Loan applicants should open a savings A/C  at SMIB  (Minimum deposits is Rs. 500/=)

7. How to apply

Application form could be obtained from SMIB  Head Office or any of our branches  or  from the Labour office situated in the district where the relevant property is situated. The duly completed application form together with other documents should  be forwarded with duplicate set of documents to the same labour office.

8. Documents to be submitted with the loan application

 1. If the loan is for construction or renovation/extension/repair
             Copy of deed
      Copy of survey plan
    Copy of building plan
 2. If the loan is for Purchase of house/land
         Copy of vendors deed of transfer
      Copy of survey plan
          Letter from vendor giving consent to sell the house/land  including  survey plan number, lot number, extent , purchase price, advances given etc.
 3. If the loan is for a loan redemption
               Letter from creditor stating Details of amount obtained, Purpose of loan, Rate of interest, Repayment period, Monthly installment & Present balance principle outstanding (Capital & Interest should be stated separately)
                 Copy of Mortgage bond
9. Other General Requirements

In addition to the above mentioned documents, the followingdocuments to be submitted.
  1. Personal Information
    Copy of NIC
    Copy of marriage certificate (If joint applicant is spouse)
    Copy of birth certificate (If joint applicant is a child)
  2. Evidence of income  
  If you are employed,
    Certified salary slips for past 6 months
    Service letter/Salary confirmation letter
  3. If you are self- employed,
    Copy of Business Registration certificate
    Bank statements for past 6 months
    Income declaration (The decision to lend will depend on an income inspection done by SMIB)


10.Disbursement of loan

1. For construction or extension/repair/renovation
  The loan will be released in 2 installments by directly credited to the applicant A/C at SMIB. After receiving the labour commissioners’ report 2nd installment will be released.
2. For purchase of house/land
    Full loan will be released at once by a cheque in favor of vendor through his lawyer.
3. For redemption of loan
  Full loan will be released at once in favour of creditor by way of a cheque.
11.Repayment of loan
    • Age Limit between 18-55 years (Loan should be repaid in full by the applicant's age of 60 years)
    • The monthly loan installment should be deducted from the applicant’s salary or net salary to be remitted to SMIB saving accounts


  • 269, Galle Road,
    Colombo 03, Sri Lanka
  • Hotline  1922
  • Fax +94 11 257 3346
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