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BB reviewing home loan rules to make scheme effective

Sajjadur Rahman
Bangladesh Bank is reviewing its low-cost housing loan rules for the middle and lower income group due to the failure of financial institutions to disburse less than 8 percent of the money available for the year.
According to the central bank sources, during July 2007-April 15, 2008 period, only Tk 7.79 crore was disbursed out of Tk 100 crore available for FY 2007-08 till June. The scheme worth
Tk300 crore is for a period of three years.
“We have got recommendations from different banks and non-bank financial institutions on the issue,” a senior BB official told The Daily Star. “We are considering those recommendations to facilitate the loan scheme," tire official said.
Banks' suggestions include among others bringing government employees under the scheme, raising the salary ceiling and repayment period and refinancing of the amount lent in one month instead of quarterly basis, BB sources said.
The BB in July last year launched the Tk 300 crore refinancing scheme. Borrowers are entitled to get maximum Tk 20 lakh loans at 10 percent interest. The amount is repayable in maximum 20 years time with one-year grace period.
Any person with a monthly income of less than Tk 30,000 will only be eligible to loan up to Tk 20 lakh from commercial banks and non-bank financial institutions either for buying or constructing an apartment of maximum 1,250 square feet in six divisional cities including Tongi, Gazipur, ’Narayanganj and Savar areas.
The BB will refinance the money to the lenders for disbursing loans under the scheme titled 'Reinvestment Scheme in Housing Sector' within the following quarter.
The scheme has barred government employees and others who are entitled to get housing loans from their respective organisations, no matter what the amount is.
People working with the private companies that have housing loan scheme for their employees also will not get the loan. Besides, the loan is only for those who or their relations (wife/husband and children) do not own any house or apartment in the designated areas.
If a person has already taken housing loans from a bank or financial institution will also not be brought under the scheme.
Officials in different banks and housing loan providers said they get huge number of applications every month, but find most of them ineligible because of the stringent criteria set by the central bank.
“Government employees are lucrative customers for us because of security concern. But they are not included because they get a meagre housing loan of Tk one to two lakh,” an official of the National Housing Finance and Investment Limited (NHFIL) said.
Salary bar on Tk 30,000 a month is also a major obstacle to the home loan scheme, an official of the National Credit and Commerce Bank Limited said. Because, he said, if one loans Tk20 lakh, he/she has to pay about Tk 20,000 a month for 20years to repay the loans.
BB Governor Dr Salehuddin Ahmed last week said disbursement under the scheme is poor so far. “I hope the bank will come up with providing more loan to the target group,” said the governor.
z He said the BB is actively considering a review of the rules to make the scheme more effective.
sajjad@thedailystar.net