NDB boosts financial flexibility for those with existing housing loans
Monday, 12 May 2014 00:00
NDB has launched Home Loan Max, a novel solution that allows those who have already obtained housing loans to expand their financial flexibility and enjoy a lifestyle of their dreams.
In a statement NDB said the product has revolutionised the banking industry.
NDB Home Loan Max is a loan facility offered to customers that have already obtained housing loans from NDB. It will be granted as a second loan, for a legitimate purpose that includes fulfilling the customer’s lifestyle desires such as home improvement, overseas travel, pursuing higher education and even meeting wedding expenses.
NDB Chief Operating Officer Indrajit Wickramasinghe said: “With NDB Home Loan Max we intend to take a step ahead of the market to add further value and facilitate greater financial flexibility to customers that have obtained home loans from NDB.”
“While a traditional home loan entails many benefits for the recipient in terms of financing their dream home, it is often conceived as a long term obligation that curbs one’s financial freedom to spend on their other lifestyle needs. Therefore, NDB Home Loan Max has been designed to bridge this gap and enable our home loan customers to enjoy the flexibility of meeting their diverse lifestyle desires with a second loan that is secured against the same property that has been mortgaged to the bank on account of the existing housing loan,” Wickramasinghe added.
“This innovative solution will be offered even to those customers that transfer their home loan facilities from another bank to NDB. Also, we have made NDB Home Loan Max affordable to all with an attractive interest rate and an extended repayment period of up to seven years,” he said.
“Satisfactory conduct of the existing home loan will give the clients an added edge of greater solvency when applying for this second loan; hence this will not only encourage our customers to realise their dreams but also to continue their financial discipline in maintaining their regular loan repayments to benefit with similar value additions in future. So I would like to invite all those who are currently repaying housing loans at NDB or any other Bank, to come talk to us and enjoy greater financial flexibility with the benefit of a second loan from NDB,” Wickramasinghe added.
With NDB Home Loan Max, a customer could borrow up to Rs. 10 million, based on the applicant’s repayment capacity, value of the property already mortgaged to the bank and the current outstanding balance of the existing home loan. The bank will also accept joint applications with the spouse in order to mobilise greater repayment flexibility for its clients.