Myanmar has officially opened a first-of-its-kind bank yesterday in its commercial capital “Yangon”, according to sources.
Construction and Housing Development (CHD) Bank was opened on January 11 at No.60, Shwe Dagon Pagoda Road, Dagon Township in the capital.
Long-term personal loans for buying houses, apartment and condo flats are now available from the bank, according to CHD.
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 is launched now, loans are now available for buying houses. There are different interest rates for them as they’re long-term. Anybody who is accountable to pay back can take out the loans from the bank,” said Win Zaw, the managing director from the bank.
The CHD bank, directly supervised by Ministry of Construction, was licensed by the central bank in July last year according to financial rules and regulations in Myanmar.
It was launched with an initial capital of Ks 100 billion (US$103 million).
Source: ELEVEN Myanmar