Sri Lanka to launch housing loan scheme for migrant workers

Sri Lanka is set to launch ‘Ethera Diriya’, a new state-backed housing loan scheme specifically for migrant workers. Scheduled for formal launch on September 10, the program will be implemented through the Sri Lanka Bureau of Foreign Employment.

Under the scheme, workers can access loans ranging from Rs. 500,000 to Rs. 10 million through both state and private-sector banks. To reduce the financial burden on workers, the Bureau will subsidize a portion of the interest costs. Repayment periods for these loans may extend up to ten years.

To qualify, applicants must demonstrate formal employment and provide proof of remittances through recognized banking channels. While the primary focus is housing, the initiative may also provide financing for business development, vehicles, and education.