Regulatory Alerts2021-02-17 | Frequently Asked Questions No. 1 of 2021Amendments to FAQs No. 05 of 2020 on Maximum Interest Rates for Mortgage-backed Housing Loans
The Central Bank of Sri Lanka issued updated FAQs specifying eligibility and terms for mortgage-backed housing loans under the Monetary Law Act Order No. 3 of 2020. The scheme targets salaried public and private sector employees, requiring a primary mortgage on the same property for purchasing, constructing, or renovating residential homes. Borrowers benefit from a fixed 7 percent annual interest rate for the first five years, after which rates adjust semi-annually based on the Average Weighted Prime Lending Rate.
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