Phnom Penh (FN), Mar. 22 – The Royal Government of Cambodia, on Monday, called on all real estate developers in Cambodia to make concessions in order to ease the burden on those who purchase houses and condominiums during COVID19 outbreak, according to the joint press release of the Ministry of Economy and Finance (MoEF) and the National Bank of Cambodia (NBC) seen by Fresh News on Monday.
COVID19 seriously impacted the livelihood of the people; therefore, the NBC and MoEF encouraged all real estate developers to:
1: examine the possibility of easing the installment payment in accordance with the actual situation of the customer.
2: exempt fines due to late payment.
3: no additional penalties for late payment of amortization
4: introduce protection policies to its customers
5. implement these measures effectively until the end of March 2022.
The NBC and the MoEF will continue to monitor the situations and provide good cooperation in implementing the above measures to all banking and financial institutions and real estate developers.