ComBank partners with CCC Residences to offer zero interest and zero fees investment scheme

Commercial Bank Chief Operating Officer Sanath Manatunge (centre) and Colombo City Centre Chief Executive Officer Praveen Methil exchange the agreement in the presence of (from left): Colombo City Centre Senior Manager Tuan Haniffa, Assistant General Manager – Finance Amila Niranjan, Head of Sales Suranga Peiris and Director – Sales Hirushka Fernando, Commercial Bank Senior Deputy General Manager – Personal Banking Sandra Walgama, Deputy General Manager – Marketing Hasrath Munasinghe, Head of Retail Products and Digital Channels Pradeep Banduwansa, Senior Manager – Retail Products Department Dushmantha Jayasuriya and Product Manager – Home Loans Hasela De Silva

Buyers of apartments at Colombo City Centre (CCC) Residences can now enjoy the special benefits of a zero interest and fees investment scheme which is a Developer Interest Bearer Scheme, following a partnership between the Commercial Bank of Ceylon and the developer of CCC Residences, the Abans Group. 

Under this collaboration, customers can receive up to 80% of the purchase value of an apartment as a Home Loan from the Bank while CCC will undertake to pay the monthly interest on the loan for up to 24 months on the buyer’s behalf. Further, as an additional benefit, CCC will also pay the management fees for the first two years on behalf of the customer, thereby leaving the customer to pay only 20% to take over the units and pay nothing for the next two years. 

The Home Loan tenure under this special scheme will be up to 20 years, the Bank said. Colombo City Centre will settle the monthly interest for up to 24 months at the prevalent market interest rate subject to a maximum interest amount.

Commenting on the partnership, Commercial Bank Chief Operating Office Sanath Manatunge said: “We are happy to support one of the leading property developments in the country by facilitating the purchase of apartments for prospective buyers. With the Developer Interest Bearer Scheme in place, the payment burden on our borrowers is substantially reduced as they do not have to bear the interest cost of the loan and can move into their new apartments just paying the buyer’s contribution of 20%, which is a great benefit for the customer.”

Colombo City Centre Residences comprise a total of 192 luxury apartments of two-bedroom, three-bedroom, and penthouses, an international standard shopping mall with cinemas, food courts, restaurants, supermarket, kids play area and many more facilities. The backing of the corporate powerhouse Abans PLC, the main partner in developing this project, saw the project through to completion, amidst turbulent market conditions. Having completed the shopping mall and the residences, the developer is now looking forward to making the exciting announcement about the opening of the international hotel in 2021. The home owners can look forward to a sky-rocketing value addition to the residences with this collaboration with one of the top international hotel brands in the world. 

Colombo City Centre Director Sales Hirushka Fernando commented: “Partnering with one of the most esteemed banks in Sri Lanka as Commercial Bank gives immense opportunity for many customers to enjoy the benefits of this revolutionary payment scheme to own ready-to-move-in apartments in the heart of Colombo by paying just 20% and nothing for the next two years.”

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 operates a network of 268 branches and 890 ATMs in Sri Lanka.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.