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House building credit sector in bad shape

By Shehab Ahmed
House building credit sector Is facing a crunch as the House Building Finance Corporation (HBFC) has run aground for shortage of funds.
Another lender, in the public sector, the Sonali Bank facing liquidity problems also put a brake on its housing loans.
This left only a small housing company. Delta BRAC Housing Finance Company Limited (DBHFCL). and commercial banks operating in the housing credit sector.
The banks are mostly interested in providing loans to the builders of high-rise structures With apartments for sale. Their operations are limited to certain high return areas in the city.
The HBFC’s condition is not going to improve soon unless it Rs a fresn infusion of funds
m the government. This, however, is unlikely in the near future, official sources said.
Although its credits were Inadequate to complete a standard multistoreyed building with flats, it played a key role in meeting the fast growing
metropolis' housing needs so far.
The DBHFCL. however, is operating on a very small scale since it entered the sector last year with a paid up capital of Tk five crore.
Meanwhile, an application from the proposed National Housing Finance Company
(NHFC). a consortium of multinationals. banks. Insurance companies and overseas Bangladeshis, with a paid up capital of Tk 40 crore and an authorised capital of Tk 200 crore, is awaiting clearance from the authorities.
The application was made to the Bangladesh Bank (BB) on January 6 this year. The BB sent the relevant papers to the Finance Ministry for its approval. the sources said.
The clearance is being withheld because of non-banking financial institutions act. 1993 which prohibits directors of one financial institution from becoming director of a similar company.
Tne NHFC has been proposed with Tk two crore each from its 18 sponsors In Bangladesh and two from overseas Bangladeshis' consortiums in Britain and Zambia.
The local sponsors Include three banks — 1FIC. AB Bank and UCB. The six insurance companies are Sadharan Bima. Jiban Bima. Reliance. National Life and Pragati. The consortium also includes Beximco Investment Company Limited and Shaw Wallace.
NHFC sources said if the authorities grant it licence to operate. it will go for financing the urban housing needs in a big way. More foreign partners Including international financial institutions from Germany and the World Bank are likely to Join the consortium.
DBHFCL began its operation on July 15. last year. It has a paid up capital of Tk five crore. It expects to raise the paid up capita) to Tk 20 crore, an official of the company said.
It comprises the country's major NGO. BRAC and two Insurance companies — Delta Life Insurance Company Limited and Green Delta insurance Company Limited.
The company’s lending operation has. however, been small so far. Out of 100 or so applicants, only 33 have been given loans