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The Employees Trust Fund (ETF) in collaboration with the NDB Housing Bank has launched a housing loan scheme for the benefit of the ETF membership.

Under this scheme called "Viyana" the ETF will provide funding support to the NDB Housing Bank for providing loans to ETF members for the purchase of houses, construction of houses or extension, repairs, renovations and other improvements to existing houses.

These loans will carry an interest of 14.5 percent per annum with a maximum repayment period of 20 years, an ETF news release said.

The loans made out under this scheme will be in the range of Rs. 250,000/- to Rs. 1 million. NDB Housing Bank will process the loans within seven working days provided all documents are complete and in order.

The Chariman of ETF, Dinesh Weerakkody launching this scheme recently said "ETF has 2.2 million members on its roll and until now the Fund has not offered any extraordinary benefits to them. Housing is a basic need in an employee's list of needs and it's not been easy for people to raise housing loans. Given the historical volatility of interest rates in Sri Lanka, housing loans have been expensive. On the other hand, the demand for housing is increasing. So, we have come forward in partnership with NDB Housing Bank to offer speedy loans at an attractive rate exclusively to our members. This step will help the growth of housing as well as give a fillip to the construction industry".

In order to be eligible for loans under this scheme, the ETF members should fulfil a few minimum requirements which include five years of uninterrupted employment and contribution to ETF. The bank will process the loans after scrutinising the employee's ability to repay and the legal and technical aspects of the property.

The CEO of NDB Housing Bank Faizal Salieh said: "We are delighted to be associated with ETF in providing this service to its members". "Besides the housing loan we are pleased to offer many other benefits to ETF members such as discounts on building materials, turnkey contractors, and technical advice on cost reduction. Several reputed institutions in the housing and construction sector have eagerly come forward to offer their services and benefits in this regard" he said.

"The Bank has also structured a supplementary loan scheme especially for ETF members. 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 complete their homes", Salieh said.

This alliance between ETF and NDB Housing Bank demonstrates public-private sector cooperation in blending the social considerations and vast resources of the public sector and the retail focus, innovativeness and efficiencies of the private sector to the benefit of the people of this country and contribute to its economic and social development.

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