Applications invited for low-cost apartments of Construction ministry starting from 28th November

A list of people who have saved a 30 per cent deposit to purchase low-cost apartments developedby the Construction Ministry has been released by the Construction and Housing Development bank branches (CHDB).

Those who are in accord with the prescribed rules are entitled to submit applications starting 28 November, according to an announcement released by the Department of Human Settlement and Housing Development under the Construction Ministry.

Those apartments were developed under 100-day plan of the Department of Human Settlement and Housing Development in Hlaingthaya and Dagon Myothit (Seikkan) townships, Yangon Region. Those who wish to purchase apartments have to make a down payment equal to30 per cent of the apartment’s value at CHDB and have enough regular income to afford the monthly payments.

Those who have opened housing saving accounts at CHDB have to mail the applications to the director-general of the Department of Human Settlement and Housing Development, Nay Pyi Taw. The applications are available at Botahtaung Department of Human Settlement and Housing Development department and No. 40 in Nay Pyi Taw. The deadline for the applications is 30 December, according to an announcement from the aforementioned department.

The department initially planned to sell 2,200 units — 504 units from the Shwelinpan low-cost housing project, 846 units from Yuzana Part 1, Dagon (Seikkan) Township and 840 units from Kanaung housing from Dagon Seikkan Township. The prices of the low-cost apartments range from Ks9.7million to 13.4million.

The CHDB extended the duration of mortgage payments from 8 to 10 years in a bid to help low-income people gain ownership of a house under a long-term loan mortgage plan. Efforts are also being made to fulfill the requirements of housing accommodation.

The CHDB offers mortgages on apartments with housing saving accounts which require a deposit of 30 per cent of the value of an apartment worth up to Ks30million and 50 per cent for an apartment worth above Ks30million. The CHDB will give priority to those who want to purchase apartments worth below Ks10million developed by the construction ministry with a down payment of 30 per cent only, it is learnt from the CHDB.

Source: The Global New Light of Myanmar

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