In a bid to meet the rapidly increasing demand and varying requirements of customers, Pan Asia Bank, has been augmenting its popular housing loan product ‘Nivasa’ with a host of value -added features. As a result, the bank is all set to fulfill housing loan needs of a much larger audience with novel features that extends greater flexibility to customers in terms of getting the loan amount they need.
Shiyan Perera the Assistant General Manager of Leasing and Retail Assets Products of Pan Asia Bank commented that the bank is extremely happy to introduce its value added ‘Nivasa’ loan scheme to customers as it allows them to make their all important dream of living under their own roof, a reality. Pan Asia Bank ‘Nivasa’ housing loan can be obtained for multiple purposes including purchase of a bare land, construction of a house, purchase a house/ apartment, completion of a partially built house, renovation an existing house or pay off an existing home loan obtained from another bank.
Under this loan scheme customers can obtain loan facilities with a repayment period of up to 25 years. The loan amount is decided based on the BOQ value and the repayment ability of the customer where they can obtain loans up to 100% of the BOQ value when the customer owns the land and in other cases up to 75% of the BOQ value.
Pan Asia “Nivasa- Step Up” and the Pan Asia ‘Condominium Investment Loan’ are the latest additions to housing related loan schemes of Pan Asia Bank.
Pan Asia ‘Nivasa- Step Up’scheme is a unique scheme available for professionals and permanent employed customers which enables them to repay with lower installments initially and increase the installments gradually as their income increases.
Since the installments are comparatively low during the initial stages it enhances a customer’s ability to go for a higher loan quantum thereby making their dream home a reality.
Due to the unique value it offers, Pan Asia ‘Nivasa- Step Up’ loan scheme has seen a tremendous interest from Salaried Employees segment.
On the other hand, Pan Asia Condominium Loan is a term loan which is available to purchase condominium properties. The bank will also provide 5 years of grace period for these loans enabling customers to service only the monthly interest. Customers can repay the capital as a bullet payment at the end of the loan period.
The bank also allows customers to make capital payments during the period without making any additional fee to reduce the loan outstanding. With the increased popularity for condominiums this unique solution will provide wealth management opportunities for customers who are interested in purchasing a condominium as an investment.