Persons holding over Ks2 million in CHDB can apply for low-cost apartment

Low-cost housing project at Dagon Seikkan Township.  Photo: Phoe Khwar
Low-cost housing project at Dagon Seikkan Township.  Photo: Phoe Khwar

Persons holding more than Ks2 million in savings at the Construction and Housing Development Bank (CHDB) can apply to purcahse a unit at Shwelinpan in Hlaingthaya Township and Kanaung Low-cost Housing in Dagon Seikkan Township starting from today, according to a recent announcement from the Urban and Housing Development Department.
Interested buyers can apply from 8 January at Yangon Region Urban and Housing Development Department.
Previously, those who had deposited 30 per cent of the apartment’s value as down payment, have a regular income and could afford to make the monthly payment, were entitled to apply to buy the low-cost apartments, developed by the Rural and Housing Development Department under the Construction Ministry. The department has now scaled down the payment rate to 20 per cent, with the remainder to be paid under a long-term mortgage plan.
Those who want to buy apartments under the installment plan linking with CHDB, have to open a housing saving account, with an initial deposit of Ks10,000. They can purchase a low-cost housing unit at Shwelinpan, Yuzana, Kanaung housing from Dagon Seikkan Township and Myayinanda from Mandalay. The monthly saving amount has not been set, but holders need to make their monthly deposit, depending on their income. They can also enjoy 8.5 per cent of the interest rate. – Ko Khant

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