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