Sri Lanka's #1 property portal LankaPropertyWeb has announced a partnership with the Commercial Bank of Ceylon to offer its users home financing through the portal. Loans of up to Rs. 50 million (roughly $268,000) will be considered for purchases of homes as well as land and house construction projects. The deal will also see the bank power the portal's mortgage calculator tool for six months and see the Frontier Digital Ventures-backed company get a step closer to property transactions in a country whose property market is starting to come of age.
Commenting on the partnership, LankaPropertyWeb Founder and MD Daham Gunaratna said:
“Customer needs are always our priority when designing our platform or offering our services. And when purchasing property, we have constantly noticed the problems buyers encounter when trying to access credit facilities. The main issue is the lack of knowledge in the process. Through our partnership with Commercial Bank, the buyer can approach the bank through LankaPropertyWeb as we help them out and guide them with the applications. This is a milestone in our business and a monumental step in achieving our cause"