The Middle Income Housing Loan Scheme introduced by the government, to be further expanded.

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The Middle Income Housing Loan Scheme introduced by the government, will be further expanded. Under the expansion, middle income earners in both the public and private sector, intending to purchase a house for the first time from Middle Income Housing Development projects can obtain a concessionary loan from the National Savings Bank. Cabinet Approval was received for the proposal put forward by Prime Minister Ranil Wickremasinghe, in this regard. It also proposes; instead of going by the ‘lending ceiling’ that was introduced, to follow the usual procedure when obtaining housing loans, by considering the age limit of applicants, in order to assess their repayment capability. Concessions will also be granted to those intending to purchase houses from Housing Scheme Projects launched by the private sector. Cabinet Approval was also received for the proposal put forward by President Maithripala Sirisena to bring down the minimum monthly income level required to be eligible to apply for this loan.

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