Open letter to the President on Enterprise Sri Lanka

Your Excellency,

I write to you as a loyal Sri Lankan and like to use this opportunity for your victory which was needed to our country. I like to draw your kind attention on Enterprise Sri Lanka which is currently on hold for a review. 

The said scheme, which was put on hold soon after the Presidential Election, includes a tailor made loan scheme designed for middle income earners to buy or build their first house at concessionary interest rate of 6% p.a. for a  maximum period of 15 years up to 10 million.

An individual whose net monthly income of approximate of Rs. 41,000 could borrow maximum loan amount of Rs. 3 million whereas monthly installment would be approximate of Rs. 25,315.70 under the said scheme. However, if same person applies for a housing loan under the prevailing housing loan interest rate of 12.5% p.a., he could borrow only approximate of Rs. 1.8 million for the same settlement period of 15 years with approximate monthly installment of Rs. 26,347.71.

Evidently, this loan scheme was beneficial. Now, those who wished to borrow under the said scheme are up the creek without a paddle, as new applications are currently not being accepted by the State banks, and effort and money on required documentation to obtain ‘Home Sweet Home’ are laid waste while both vendors and buyers are penalised.  

Therefore, I would like to draw your kind attention to re-launch the ‘Home Sweet Home’ scheme.

Niroshani Sandamali