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BHBFC to disburse credit among farmers to build model house

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11th-Sep-2018       
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Economic Reporter :
Bangladesh House Building Finance Corporation (BHBFC) has taken a plan to disburse credit among farmers under the 'Krishak Abashan Reen' programme for constructing their houses with a specific model called 'Koto System'.
"We've already got approval from the Finance Ministry in this regard. We're going to work with a private company for transferring the Koto System to the farmers," BHBFC Managing Director Debasish Chakrabarty told.
Like Malaysia, Vietnam and Singapore, he said, the house will be popular in the country as the construction cost of the eco-friendly house is very low.
"The construction cost will reduce to Tk 800 per square feet from the existing Tk 2,000 or Tk 1500, and the house will help protect arable land," he said.
Debasish said construction of unplanned structures for housing purpose is destroying arable land in rural areas every year.
He said BHBFC will provide the loan at single digit (8 percent) interest rate so that farmers can easily build their houses.
BHBFC is now offering 9.5 percent interest rate for Dhaka and Chattogram metropolitan areas while 8.5 percent for other areas. But, BHBFC has sent a proposal to the Finance Ministry to lower the interest rate to 9 percent for Dhaka and Chattogram metropolitan areas.
Debasish said the Islamic Development Bank (IsDB) is likely to start releasing Tk 1,000 crore soft loan for BHBFC to extend the housing credit programme across the country, particularly in rural areas.
"The formalities of releasing the loan are underway. We expect that IsDB would release the loan in October this year. The loan will be given to middle- and lower-income people of the rural areas for construction of multi-storey residential buildings," he added.
Finance Minister AMA Muhith and IsDB President Bandar MH Hajjar signed an agreement in this regard at the 43rd annual meeting of IsDB in Tunisia in April this year.
Debasish said BHBFC will provide low-cost home financing to lower-income rural people through the IsDB assistance.
He said the loan will play a vital role to implement the planned housing programme in rural areas as the construction of unplanned houses is severely affecting arable land across the country.
The managing director informed that BHBFC is offering seven types of products to take the services of the corporation to people.
The products are Nagar Bondhu, Nagar Bondhu Flat, Palli Ma, Abashan Unnyan Reen, Abashan Meramat Reen, Probash Bondhu and Krishak Abashan Reen.
He said BHBFC disbursed Tk 360.02 crore in fiscal 2017-18, while Tk 278.51 crore in fiscal 2016-17 and Tk 247.98 crore in fiscal 2015-16.
BHBFC is giving training to its field-level officials to increase the standard of its loan services. As a result, realisation of loans from borrowers has significantly increased, he added.
Debasish said BHBFC has also opened a helpdesk for giving information and resolving problems of its borrowers.

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