With the aim of enabling all to buy houses, the department has started working on a 30-year installment system of Construction, Housing and Infrastructure Development Bank (CHID), after taking a Housing ODA Loan with the assistance of Japan, said Min Htein, Director-General of Urban and Housing Department yesterday at the opening of Yangon City Gallery at Yangon Region Urban and Housing Department.

Now, house purchasing power of people in grass-root communities is very low. The CHID Bank is formed under the directive of the government and the supervision of the Construction Ministry in order that the people can supplement their purchasing power. The CHID Bank introduced the four, eight and 15 years installment plans. Under this system, it was still not within their reach. So, the CHID Bank introduced the 30-year installment plan.

“The incomes of common families are relatively low. Under a 15 to 30 years installment plan, they can buy apartments and houses with a 8.5-per-cent interest rate. It will be implemented through cooperation between the Japan International Cooperation Agency (JICA), the Construction Ministry, the Central Bank of Myanmar and Construction, Housing and Infrastructure Development Bank (CHID),” Min Htein added.

The incumbent government will develop more than one million low-cost, fair-cost and advanced-cost apartments within five years. Under this plan, more than 200,000 apartments will be build for the ministries every year.