The Ministry of Construction would reduce the interest rates to pay for low-cost apartments which are on sales through long-term installment loan system, according to the Ministry of Construction.
Since early April, the interest rate is reduced to 10.5 percent from 12 percent of previous interest rate, according to a responsible official from the Ministry of Construction.
Since the Ministry of Construction obtained long-term loans from the Myanmar Economic Bank (MEB), the interest rates to pay for low-cost apartments are to be reduced by 10.5 percent.
The buyers who bought the low-cost apartments sold by the Department of Urban and Housing Development under the Ministry of Construction have to pay the initial payment of 15 percent of the apartment’s price and the remaining 85 percent could be paid through 15 years installment system at 10.5 percent of interest rate with the help of the Construction and Housing Development Bank (CHDB).
With lower interest rates, the interest rate for MMK 10 million worth apartments would be saved up to MMK 150,000.
The interest rates for the construction sector were reduced to 11 percent from 12 percent.
Kanaung Housing in Dagon Seikkan Township and Shwelinban Housing in Hlaing Tharyar Township were sold at 1.5 percent of interest rate, according to the Ministry of Construction.
Credit: The kumudra Translated by: iMyanmarHouse.com
