Golden Abode

The Central Bank has allowed commercial banks to issue dollar denominated housing loans to migrant workers and NRFC holders.rn

rnrnOver 180,000 Lankans seek employment overseas annually and remit around US$ 1 bn worth of foreign exchange every year.

rnrnldblquote The concession to migrant workers is expected to create a boom in the housing market and uplift the living standard of migrant returnees,
dblquote Hatton National Bank
quote s Chief Executive, Rienzie T Wijetillake told a media briefing Friday.

rnrnrnRupee denominated housing loans are presently priced at around 16 percent. The dollar loans are expected to be priced at around 6 percent.

rnrnWijetillake says the current economic revival has created a big appetite for low and middle-income houses.

rnrnldblquote We estimate there is a 510,000 unit hosing demand till 2005 with 90 percent from low-mid income earners, mostly for Gam Udawa type houses,
dblquote he said.

rnrnSri Lanka is presently short of 79,000 houses, according to the