Bank of Ceylon's 14-day housing loan makes homeownership achievable for all Sri Lankans

As Sri Lanka continues to face evolving financial challenges, the dream of owning a home remains one of the most important life goals for many citizens.

- 

However, for many aspiring homeowners, the road to securing a housing loan is filled with hurdles, from documentation delays to long approval periods and affordability concerns.

In 2024, to mark its 85th anniversary, the Bank of Ceylon introduced a game-changing solution: the housing loan within 14 working days. The initiative was designed to streamline the loan process, making it faster, simpler, and more accessible for a wide range of borrowers.

We spoke with Ajith Karunarathne, Deputy General Manager (Branch Credit Operations Range I) at Bank of Ceylon, to find out how the product has evolved one year later, and why the bank continues to see it as a key part of its public service mandate.

Last year, as part of BOC’s 85th anniversary, the bank introduced the 14-day housing loan. Can you tell us how the initiative has progressed since then?

The housing loan within 14 working days was introduced to provide a more efficient and supportive experience to anyone looking to secure a home loan. Over the past year, the response from customers has been very encouraging. Many applicants have shared that this process gave them the confidence to go ahead with their homeownership plans, something they may have postponed otherwise due to uncertainty and long waiting periods.

We wanted to mark the 85th anniversary by doing something that had real, lasting impact. Homeownership is deeply meaningful for Sri Lankans, and we felt this initiative aligned well with the Bank of Ceylon’s role as a national bank that listens and responds to the needs of the people.

What makes this loan process different from others in the market?

The core difference lies in the structure and the turnaround time. Once a customer submits a completed application with all the required documentation, we commit to disbursing the loan within 14 working days. That includes credit assessment, legal checks, and property valuation, all within that window.