SEVERAL BUDGET PROPOSALS COME INTO EFFECT TODAY (01)

COLOMBO (News 1st): Several budget proposals of the 2021 Budget will come into effect today (Jan. 01), the Ministry of Finance said. The facility to obtain loans of up to Rs. 10 million at concessionary interest rates to purchase houses for both public and private sector employees will be available from Friday (01), the Finance Ministry said. This loan provided through state banks at an interest rate of 6.25 percent has a grace period of 25 years. According to the Finance Ministry, this facility will enable public and private sector employees to purchase a house from the housing schemes being constructed by the Urban Development Authority in Semi-urban and Suburban areas. Meanwhile, the low-interest loan scheme to install solar power kits with the aim of reducing the electricity bills of public servants will also come into effect from Friday (01), the Finance Ministry noted. Under this, small and medium scale entrepreneurs will also be able to obtain loans. According to the Finance Ministry, this loan scheme, which offers a concessionary interest rate of 4%, could also generate additional income through the installment of solar panels.