The EPF Loan from SMIB is granted to any employed individual by pledging as security his/ her Employees’ Provident Fund (EPF) balance as at the specified date, certified by the Central Bank of Sri Lanka CBSL). Statutory provisions have been made in terms of Employees’ Provident Fund Act No. 15 of 1958 as amended by Act No. 42 of 1988 for the members of the EPF to borrow from the Bank for housing purposes.
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Features and Benefits
- Maximum repayment period of up to 15 years.
- Speedy Processing and approval.
- Quick and hassle-free financial support.
- A maximum loan value of up to 75% of the EPF balance will be granted.
- Granted exclusively for housing purposes including,
- To build a house
- To purchase a house or property
- To purchase a block of land
- To build a part of a house or effect an extension
- To repair or renovate a house
- To repay a housing loan obtained from a Bank, Government Institution, Financial Institution or to settle debts obtained from an individual on a mortgage bond or secured basis
- To obtain electricity or water supply facilities etc for an existing house
Eligibility Criteria
- Resident, Sri Lankan national.
- The applicant must be a member of the Employee Provident Fund.
- The minimum gross salary/ net income should be equal to or more than LKR 20,000.
- Age between 18 – 65 years.
