A private housing finance company, mainly for the middle class people in the country, was launched yesterday

Formation of the company — Delta BRAC Housing Finance Corporation Ltd — was an nounced at a press conference at a city hotel

Addressing the press confer ence. president of the company Safat Ahmed Chowdhury said that this was for the first time a private company was formed to help the middle class people in building houses

The company jointly formed Delta Life Insurance Company Bangladesh Rural Advance ment Committee (BRAC) and Green Delta Insurance Com □any will start providing loan facilities within the next two months. he said

The authorised capita) of the company is Tk 50 crore and paid up capita) is Tk 10 crore It will go for raising capital of Tk two and a half crore by floating shares in the stock market within a year he pointed out

Abul Mal Abdul Muhit. for mer minister and executive director of the company, answered different questions from newsmen Executive Director of BRAC Fazle Hossen Abed Kazi

Fazlur Rahman of Delta Life, and other directors of the company Including Faruq Ahmed Chowdhury. Saleh uddln Ahmad and Nasir Ahmed Chowdhury were also present at the press conference

Muhit said that although the rate of interest on loans from the company was not fixed as yet it would be fixed on the basis of project cost and period of repayment but it might not be more than 14 per cent

Initially, the financing programme for building houses will start in the city, it would be expanded throughout the country gradually

It was said at the conference that the company would try to ensure regularity in loan repayment uphold the interest of investors in the housing sector and minimise the loan default Ing culture.