TO ensure that construction projects across the country can operate with momentum, the Construction, Housing, and Infrastructure Development Bank (CHID Bank) will provide construction loans, according to the CHID Bank.
The bank stated that not only construction entreprenuers but construction contractors can apply for the construction loans at the bank if they need loans for operating the projects.
“We do not have a fixed minimum or maximum loan amount for a business owner. The loan amount is determined based on the collateral provided. When collateral is involved, the loan amount is calculated based on the value of the collateral. For example, if a building is used as collateral, the calculation is made based on the value of that building,” said an official from CHID Bank.
It is learned that the loan amount will be determined based on the value of the goods, and the loan period will also be set depending on the construction project. Moreover, it is noted that the bank has set the interest rate at 12 per cent per annum.
It was reported that priority will be given to disbursement of construction loans to businesspersons and construction contractors who are engaging in rehabilitation and construction operations in the areas affected by the Mandalay earthquake. — ASH/TTA
