• Ensure you have at least 25 – 30% of the total value of the house you are trying to buy.
• To get a loan different parts of Sri Lanka to have a different minimum requirement in land size to be qualified for a loan. E.g.: Kaduwela Biyagama a land should be over 6 perch to qualify for a loan.
• Make sure from your salary you do not take salary advances for 6 months before applying for the loan, as they check up to 3 months if the exact total amount to the digit is deposited.
• Make sure your company does bank-to-bank transactions and not cash deposits; very important.
• EPF and ETF should be shown and paid for to qualify for ANY loan in Sri Lanka.
• They check your salary with your HR, not only giving salary slips is not enough.
• Interest rates there is TWO, fixed means a fixed amount is a charge, or a variance means it can go high but can down too as per bank, economy and other situations of the country.
• If under a mortgage, they have a valuation process done, they have government officials to check on the deeds, House insurance charges, legal charges, stamp duty, and many others they slowly charge too, so have a buffer of money too.
• When the loan is approved and the house is bought, they do not hand over your deed. The deed is handed over once the loan amount is paid in full. You can request a copy certified by the bank for your use e.g.: visas and land tax to be changed to your name so on so forth.
This is my personal experience of things :)
Hope this helps!
Youtube has advice for loan and outright purchases : https://www.youtube.com/watch?v=HoAbCtz9ID0
Cheers!
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