In a first for Sri Lanka, John Keells Properties -through a strategic collaboration with Commercial Bank-has launched ‘Freedom Mortgages’, a new home financing solution which waives the interest on home loans for TRI-ZEN buyers for a period of two years, while also allowing minimal cash outlays during the construction period. This innovative financing instrument, available exclusively for customers of John Keells Properties, puts housing in the heart of Colombo within reach for aspiring homeowners.
Through this tie-up, those interested in investing in property can now avail of this landmark mortgage plan tailored exclusively for TRI-ZEN, John Keells Properties smart-home concept development located at the heart of Colombo 02. Potential homeowners will benefit considerably, with just a minimal down payment and no interest payments for two years. Additionally, buyers can also choose from a suite of mortgage packages with attractive interest rates starting from just 8.75% per annum, where the interest rates can be fixed for a five to twenty-year period.
With this new scheme, John Keells Properties continues to provide innovative customer friendly solutions. “We are extremely excited to launch this landmark new product to the market,” said Nayana Mawilmada, Sector Head, Property Group, John Keells Holdings, of the new scheme. “This novel plan will give homeowners the opportunity to purchase a TRI-ZEN apartment without the burden of having to pay the interest on its mortgage for a period of 2 years during the construction period of the project.”
As the largest and most awarded bank in Sri Lanka, Commercial Bank has always set the bar high, and with its unmatched mortgage rate offering as well: a five-year fixed rate at 8.75%, and a ten-year fixed rate starting from 9.00%.
“We are pleased to partner with John Keells Properties to facilitate this pioneering plan, as we align in our understanding of the flexibility buyers look for when it comes to their home loan facility,” said Mr. S. Renganathan, Managing Director of Commercial Bank. “Commercial Bank has always been dedicated to helping investors and end-users find and secure the best, most suitable home financing solutions, tailored to their individual requirements.”
The one, two, and three-bedroomed apartment units at TRI-ZEN, the 53-storey development is a joint venture between Indra Traders (Pvt) Ltd and John Keells Holdings PLC. When complete in 2023, the development will have a total of 891 ‘smart home’ units, each tastefully designed and equipped with a suite of key amenities. With its enviable address, competitive price tag -starting at Rs 26 million-, and the range of conveniences and facilities afforded exclusively to its resident community, TRI-ZEN is slated to be the most anticipated property and living experience for urbanites looking to set up their dream home.
The first Sri Lankan Bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank is celebrating its 100th anniversary this year. The Bank, which won more than 50 international and local awards in 2019, operates a network of 268 branches and 865 ATMs in Sri Lanka.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
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