The Myanmar Seafarers Federation (MSF) is introducing a home installment plan aimed at supporting seafarers in owning homes. Currently, Myanmar has approximately 150,000 registered seafarers, with only 40% owning homes while the remaining 60% are tenants. An MSF official noted the difficulty in pinpointing exact ownership statistics, but estimates suggest that a significant portion of seafarers lack permanent housing.
To address this issue, the MSF is pursuing a 10- to 15-year home loan initiative in collaboration with construction companies to invest in housing projects. Captain Soe Min Aung emphasized that while the federation cannot directly finance these homes, they are facilitating events to connect seafarers with potential construction partners.
These events provide seafarers with opportunities to access bank loans and purchase homes through installment plans. According to Captain Aung, seafarers could potentially secure their own homes in a decade or so, making homeownership more achievable for those currently renting.
This initiative reflects MSF’s commitment to improving the living conditions of seafarers in Myanmar.
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