Myanmar launches construction and housing bank

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Yangon-propertyMyanmar has officially opened a first-of-its-kind bank on January 11 in its commercial capital Yangon, Eleven Myanmar reported.

The Construction and Housing Development (CHD) Bank  will provide long-term personal loans for buying houses, apartment and condo flats. The bank said loans are also available for local construction firms and land owners who do not have enough fund to build their own houses.

“As the bank has been launched now, loans are available for buying houses. There are different interest rates for them as they are long-term. Anybody who is accountable to pay back can take out the loans from the bank,” said Win Zaw, the managing director of the bank.

The CHD bank, directly supervised by Ministry of Construction, was licensed by the central bank in July 2013 according to financial rules and regulations in Myanmar. It was launched with an initial capital of 100 billion kyat, or $103 million.

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Reading Time: 1 minute

Myanmar has officially opened a first-of-its-kind bank on January 11 in its commercial capital Yangon, Eleven Myanmar reported.

Reading Time: 1 minute

Yangon-propertyMyanmar has officially opened a first-of-its-kind bank on January 11 in its commercial capital Yangon, Eleven Myanmar reported.

The Construction and Housing Development (CHD) Bank  will provide long-term personal loans for buying houses, apartment and condo flats. The bank said loans are also available for local construction firms and land owners who do not have enough fund to build their own houses.

“As the bank has been launched now, loans are available for buying houses. There are different interest rates for them as they are long-term. Anybody who is accountable to pay back can take out the loans from the bank,” said Win Zaw, the managing director of the bank.

The CHD bank, directly supervised by Ministry of Construction, was licensed by the central bank in July 2013 according to financial rules and regulations in Myanmar. It was launched with an initial capital of 100 billion kyat, or $103 million.

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