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

Commercial Bank’s Chief Operating Officer Sanath Manatunge (centre) and Colombo City Centre Chief Executive Officer Praveen Methil exchange the agreement in the presence of other officials

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 Officer, Mr 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.”