A housing loan scheme was initiated at the Army Headquarters on Monday to create a conducive environment for all members of the Army to pursue their careers with dignity and for retirees to have a dignified retirement life.
The housing loan scheme titled ‘Viru Abhimana’ began under the patronage of the Chief of Defense Staff and Commander General of Army General Shavendra Silva, People’s Bank Chairman Sujeewa Rajapaksa and other senior officers of the People’s Bank and other members of the Army.
Under this loan scheme, loans ranging from Rs. 3 million to a maximum of Rs. 15 million could be obtained from People’s Bank for officers and other ranks serving in the Army at 9 % interest rate per annum and 75% of the loan amount can afterwards be obtained against the land value, on which the house is to be built and the estimated value of the proposed new construction. Alternatively, in the event of the purchase of an already-built home, the applicant can get 75% of the estimated value. Similarly, the applicant is eligible to receive 60% of the value in cash when purchasing an apartment unit in a housing complex.
