Construction and Housing Development (CHD) Bank has lent Ks80 billion to developers who need financial aid, said managing director Myint Myint Mu of banking and finance department at the CHD on May 13.
“Our bank gave a loan to construction developers. About 80 per cent of the loans are given to the developers, especially for businesses who are developing Yadana Hnin Si housing,” he said.
Anyone who wants to buy low-cost and affordable housing with a long-term installment plan has to open a CHD housing savings account with a minimum of Ks10,000 in CHD bank branches plus 30 per cent of the apartment’s cost.
The Department of Human Settlement and Housing Development is notified when savers reach 30 per cent of an apartment's price. Savers can then apply to buy a flat.
The bank offers an interest rate of 8.5 per cent per annum for the savings account and mortgages will cost 12 per cent annually.