John Keells Properties, Union Bank launch ZERO-DOWN home ownership plan for buyers
John Keells Properties (JKP) and Union Bank have launched the innovative ZERO-DOWN home ownership plan for buyers of the VIMAN Ja-Ela project.
This first of its kind financing solution eliminates the need for an upfront payment, making homeownership more accessible for young professionals and families alike.
The plan operates through a unique model. Union Bank provides 75% of the apartment cost as a home loan, disbursed in stages based on project milestones. Buyers only need to pay the monthly loan installments during the construction phase, while the remaining 25% equity is settled with JKP at the end of the two-year project period. This structure removes significant financial barriers, allowing buyers to approach their property purchase with greater confidence and ease.
ZERO-DOWN is not just a financial product, it’s a transformative step in making quality housing attainable. The initiative aligns with the growing demand for flexible and affordable housing options, providing security and opportunity to prospective homeowners. VIMAN Ja-Ela, a highly anticipated development launched in September 2023, spans six acres with 65% of the land dedicated to open spaces and amenities. Located just ten minutes from the Colombo-Katunayake Expressway, residents enjoy a seamless 30-minute commute to Colombo city. The project features over 15 lifestyle-enhancing amenities, including green spaces, meditation courts, sports facilities, and cycling/walking paths, creating a holistic and sustainable living environment.
The demand for VIMAN Ja-Ela apartments has been remarkable, with over 80% of units in Phases 1 and 2 already sold. This success reflects the community’s appeal to discerning buyers and investors.
As the ZERO-DOWN plan bridges the gap between aspiration and ownership, JKP and Union Bank are set to reshape the real estate landscape, offering hope and opportunity to a broader audience. With this groundbreaking initiative, the dream of owning a home in a thriving, modern community is closer than ever.
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