Arrangements are being made to reduce the down payment and provide long-term loans for buyers of low-cost apartments, said the Construction and Housing Development Bank.
The Construction and Housing Development Bank has began offering housing savings accounts on 1 August 2016, and now has over 10,000 account holders. This is to construct affordable housing project in areas like Dagon Seikkan Township in order to fulfill the needs of homeless citizens.
The Shwe Lin Pann low-cost housing project was constructed together with the Department of Urban and Housing Development as a pilot project.
The Union Government and related regional governments are discussing ways to reduce the down payment to 20 per cent and increase loan periods from 20 to 30 years.
The Yangon Regional Government is planning to construct low-cost apartments together with other related departments as well as the Ministry of Construction. The plan is to construct low-cost housing priced under Ks10 million within two years by inviting private construction entrepreneurs, said Daw Nilar Kyaw, Yangon Region Minister of Electricity, Industry, Transport and Communication.
Low-cost housing projects are also being implemented in Hlinethayar and Thanlyin townships.
In addition, the Ministries of Planning and Finance and Construction were also constructing low-cost housing for pensioner public servants and low income communities all over the country.