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HBFC loan ceiling to be increased

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20th-Mar-2017       
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Kamruzzaman Bablu :
The Government is going to fix Tk one crore as the house loan ceiling according to the proposal of the Bangladesh House Building Finance Corporation (BHBFC). The current ceiling is Tk 50lakh.
Source said, the corporation has already placed the proposal at a meeting of the Finance Division recently presided over by Secretary Md Eunusur Rahman.
According to a BHBFC sources, the proposal of raising the loan ceiling is likely to be approved within a short time at another meeting of the Finance Division.
At the same time, the meeting decided to reduce interest rate of the house loan to make it competitive in the market.  The interest rate for Dhaka and Chittagong will be reduced to 9.5 percent from 8.5 percent and existing 10 percent from 12 percent.
Five new house loan proposals were also placed at the meeting. Those included home loans for expatriate Bangladeshis, rural people and farmers, house development and construction of houses.
Apartment loans for people in Dhaka and Chittagong areas will be increased to Tk 90 lakh from the existing Tk 40 lakh with interest rate reduced to 10 percent from existing 12 percent.
Home loan ceiling in Tongi and Savar areas, and in other divisions and districts will be increased to Tk 40 lakh from Tk 30 lakh, according to the proposal.
According to official data, the BHBFC sanctioned oans to 687 people as of February 2017. It rejected 48 proposals on account of flawed information about land.
The BHBFC earned Tk 166 crore in the fiscal year 2015-16, which was about six percent higher the earning was Tk157 crore in FY2014-15.
It earned Tk85.6 crore as net profit during the first half of the current fiscal year, sanctioned Tk 126 crore, disbursed Tk 118 crore and recovered Tk 248 crore during the July-December period 2016.
The amount of the classified loan was Tk 191 crore, which was 6.35 percent of total outstanding in the same period.
The corporation has set a target of recovering Tk583 crore in FY2016-17 while its targets of sanctioning and disbursement of Tk 350 crore and Tk 300 crore respectively.

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