Housing loan scheme launched for middle class

Irangika RANGE

COLOMBO: The new Mihindu Sevana housing loan scheme would bring peace of mind to housing loan borrowers and allow them to acquire their dream home without any hassle, said President Mahinda Rajapaksa at the Mihindu Sevana housing loan launching ceremony yesterday.

President Rajapaksa observed that although the Government implements many housing schemes for shanty dwellers, tsunami victims and the Internally Displaced people, there was no proper plan for constructing homes for the middle class.

This step would vastly benefit them with a lowest interest. During the first five years, borrowers could pay only the interest of the loan.

He said that the concept of a "House for Every Family" mentioned in the Mahinda Chinthana would become a reality with this new scheme.

"Shelter is one of the basic needs of the human beings and our target is to help every family to build their own home. Homes should be constructed using proper methods," the President said.

The Government will transfer the ownership of all Government housing projects to the recipients. The President said the demand for housing loans from all sections of society is increasing.

"Both Government and private banks have a major role to facilitate housing loan borrowers. Banks should implement a speedy system of providing loans."

Private banks have also come forward to provide such loans on a concessionary interest rates, he added. State Bank Development Minister Wijedasa Rajapaksa said housing is a burning issue, which the Government has promised to solve.