Businesses collaborate to launch new loan facility for landowners
iMyanmarHouse.com has introduced an installment loan programme in Myanmar for those who own land but lack the capital to build a house or a building for commercial purposes.
The company is aiming to grant loans to those who don’t have enough capital to construct luxury buildings, high-rise buildings, hotels, warehouses, and other buildings on land they own, said U Nay Min Thu, managing director of iMyanmarHouse.com.
Designed in collaboration with KBZ Bank and Myanmar Art Construction and Development Co Ltd, the loan is said to be the first of its kind in the country.
KBZ bank will issue loans to the applicants on the condition the building work is done by Myanmar Art Construction & Development. iMyanmarHouse.com will vet the documents for the loans and ensure the buildings are completed, said U Nay Min Thu.
He said that Myanmar Art Construction projects that it will be able to construct buildings within a year of the granting of a loan, with construction time stretching to two years for a high-rise building.
The maximum loan amount will be dependent on the value of the land U Nay Min Thu said.
“The maximum loan that can granted will be 70pc of the land value, and the maximum term will be 25 years. Those who wish to carry out conservation work on existing buildings can also apply for the loan,” said U Htay Aung, head of KBZ’s home loan department.
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