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TipsGet approval before house hunting
Getting pre-approval on a mortgage will save you the hassle of looking at properties you can't afford. You'll also be in a better position to make a serious offer when you do find the right house.
This should not be confused with pre-qualification, which is based on a quick review of your finances. Pre-approval from a lender on the other hand is based on your actual income, debt and credit history.
Interest rate calculations
Choose carefully between a fixed or variable rate mortgage
You should opt for a fixed rate loan only if interest rates in the economy are either rising or have stabilized. They are also useful if the tenure is small, such as 5 years. Conversely, if interest rates are falling either because of economic downturn or governmental intervention, and are likely to stabilise at a lower level by the end of your tenure, then opt for a variable (floating) rate.
Given the huge interest rate differential in Sri Lanka and the developed world, one can expect that with reforms in the interest rate regime (making it more market-determined) and with freer inflows of international capital, in the long term, interest rates in Sri Lanka would be lower than what they are today. If you subscribe to this view, you should opt for a floating rate loan for longer tenures.
All home loan providers claim that their home loans are the best for you. But how do you find out what is best for you? Get the answers to the following question from the lending institutions during shopping around.
1. Will your entire gross income be considered? Will the income of the spouse, parents and other family members be considered?
Our promise to both buyers and sellers is that we hold and command the most comprehensive data base of both buyers and sellers in our geographical area of operation. This enables us to offer our buyers the best matching properties for your specifications. Buyer satisfaction is the key for the seller to get the best possible price.
To truly deliver this promise our valuable clients, we employ various ethical techniques unique to our own. Right at the moment we are active only in the following towns and suburbs.
We hold and command the most comprehensive data base of both buyers and sellers in our geographical areas of operation. This enables us to offer our buyers the best matching properties as per their specifications.
Presently we are active only in the following towns and suburbs.