loan

Your dream house becomes a reality with our financial assistance. SMIB is committed to uplift your living standards with personal loans, EPF loans and vehicle loans.

1. Personal Loan Scheme
2. Personal Loan Scheme for Professional
3. SMIB Mortgage Loan Products

1. PERSONAL LOAN SCHEME

Eligibility

	Confirmed, Permanent Employees in Government, Semi- Government Or Private sector,
	Employed in a recognized, established company.

Income

	Applicants should have a gross monthly income above Rs. 20,000/-
	Other income also will be considered

Purposes

	The loan will be offered ;
	To construct or purchase a house
	To purchase a block of land to build a house
	To add a new part to a house/extensions
	To complete a partly built house
	To redeem loans obtained from a recognized Financial Institutions for housing purposes
	To purchase of machinery, equipment, and construction of factory buildings
	To purchase machinery/equipment and vehicles used for agricultural purpose or for tourism industry
	To purchese properties used for agricultural purposes
	To finance the requirements of tourism agricultural and fishing industry

Loan Amount

	Minimum amount - Rs.100,000/-,
	Maximum amount - Rs.4,000,000/-

Repayment period -

	Minimum - 1 year
	Maximum - 7 years

Other conditions -

		Age Limit between 18-55 years
		The monthly loan installment should be deducted from the applicant’s salary or net salary to be remitted to SMIB saving accounts

Guarantor -

		One Personal Guarantor for high net worth clients
		Two personal Guarantors
		Spouse cannot be a guarantor

Interest rate – Please refer our web site's "Rates" tab for interest rates.

Charges

		Documentation charges - 1% from the loan amount (Maximum Rs.20,000/-)
		Credit Information bureau fee
		Stamp duty

2. PERSONAL LOAN SCHEME FOR PROFESSIONAL

Eligibility

		Confirmed, permanent employees in Government ,Semi- Government Or Private sector ,
		Be employed in a recognized, established company.

Income

		Applicants should have a gross monthly income above Rs. 20,000
		Other income also will be considered

Purposes

		The loan will be offered to;
		To Construct or Purchase a house
		To purchase a block of land to build a house
		To add a new part to a house /extensions
		To complete a partly built house
		To Repay a loan obtained from a recognized financial institution for housing purpose (Redemption)
		Agriculture ,Industrial ,Fishing and for Tourism purposes

Loan Amounts

		Minimum amount - Rs.100,000 /-
		Maximum amount -Rs. 4,000,000/-

The repayment period -

		Minimum - 1 year
		Maximum - 7 years

Other conditions

		Age Limit between 18-55 years of age
		The loan rental (EMI) should be deducted from the applicant/s salary
		Net Salary to remitted to the SMIB savings a/c

Security

		No guarantor with a Loan protection policy or
		One Personal Guarantor
		Spouse cannot be a guarantor

Interest rate – Please refer our web site's "Rates" tab for interest rates.

Charges

Documentation charges - 1% from the loan amount (Max Rs.20,000/-)

3. SMIB Mortgage Loan Products

Housing Purposes

		To construct or purchase a house
		To purchase a building site
		To complete construction of a new house or add new extensions
		To repair or renovate an existing house
		To redeem loans obtained from a recognized Financial Institutions for housing purposes
		To obtain electricity, water supply facilities etc.

Other Purposes

		To purchase machinery, equipments, etc and to construct factory buildings
		To purchase agricultural machinery/equipment
		To purchase agricultural property and vehicles used in agriculture industry
		For the financial requirements of the small & medium enterprises
		To purchase vehicles for the tourism industry
		To finance tourism, agricultural & fishing industries

Eligible borrowers

		Salaried employees
		Business/self Employed
		An income-tax payer
		Income earners from Agriculture (small & medium enterprises)
		Persons Employed overseas
		Migrant Employees registered with Sri Lanka Bureau of Foreign Employment(SLBFE)

The loan amount depends on the applicant’s

		Age
		Income
		Value of the property

Security

The land on which the loan is utilized Or another Security to be mortgage.

DOCUMENTS REQUIRED FOR THE LOAN

Personal Details

National Identity Card / valid Passport and a photo copy

Proof of Income

		If you are a salaried employee,
		Salary confirmation and
		certified six monthly pay sheets from the employer
		If you are an income tax paying business person,
		3 years of Income Tax Reports
		Audited financial statements
		Bank statements for the last six months
		Self employment-
		Financial statement with income

Documents related to the security offered

		Original Deed and a photo copy
		Approved Original Survey plan and a photo copy
		Extracts from relevant Land Registry to cover the title up to 20 years.
		Approved building plan ( if required )
		Estimate for Construction
		Certificate issued by the Grama Sevaka
		Title Report (if required )

Documents to be obtained from Local Government Authority:

		Street line Certificate (only if applicable)
		Certificate of non vesting
		Certificate of ownership
		Notice of Rates Assessment (current year)
		Receipt for payment of Assessment Rates for the last quarter of current year.