August 19, 2016

CHDB providing loans, encourages home ownership

Construction and Housing Development Bank.  Photo: May Zu Zu
Construction and Housing Development Bank.
Photo: May Zu Zu

THE Construction and Housing Development Bank is currently offering loan opportunities to Myanmar citizens depending on their financial situation and the home they wish to purchase.
The bank has so far offered loans to facilitate the purchase of 262 apartments in the Hlinethaya Housing Shwelinpan Company in Yangon through an eight-year installment plan and 25 apartments in an apartment building constructed by Mandalay City Development for which a four-year installment plan is offered.
CHDB bank aims to lend money to either construction entrepreneurs or future home owners at 13 per cent interest. The bank offers customers the opportunity to reduce the interest rate.  “If you deposit savings with the bank you will receive an interest rate of 8.25 per cent, long-term saving will be subject to 10 percent interest. Customers can take out a loan at 12 per cent and be subject to service charges of 1 per cent only,” said Deputy Managing Director U Than Aung of the bank. The CHDB aims to create opportunities for people to become home owners using personal income and government assistance. “If a customer deposits K3 million during one year the bank will lend K10 million. The borrower will be required to pay that money back within 8 years,” said U Win Zaw, Managing Director of CHDB bank.
The Construction & Housing Development Bank on Shwedagon Pagoda Road in Dagon Township was established in 2013 and began operating in 2014. The bank handles the shares belonging to Government as private interests including construction companies. The bank maintains links with international financial institutions. It has branches in Botataung, Mandalay, Nay Pyi Taw and Pathein with plans to open more in regions and states across Myanmar.


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