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BB to inject Tk 200cr into housing scheme

Unb, Dhaka
Bangladcsh Bank Housing Refinance Scheme, a popular housing project, is going to get Tk 200 crore in fresh fund, as it has nearly exhausted the entire amount ofTk 500 crore.
“It's a good project. We re going to inject Tk 200 crore into the project... it’ll continue,” Bangladesh Bank Governor Atiur Rahman told the news agency.
The fresh fund is being pumped into the project amid increasing demand for the housing loan by the middle class. The central bank launched the refinancing scheme initially with Tk 300 crore for housing loan in fiscal 2007-08. Later, the fund was increased to Tk 500 crore.
Under the scheme, borrowers are entitled to loans of up to Tk 20 lakh at a 9 percent interest rate for20years.
“This is a wonderful project for the low-income group people to have homes of their own." said a Bangladesh Bank official preferring anonymity.
He said the scheme has received a tremendous response from the mid- dle-class people as they want to have small, affordable homes.
Of Tk 500 crore allocated for the scheme, the central bank refinanced the fund to the tune of Tk 350 crore until July last at a 5 percent interest rate to financial and banking institutions, officials said.
The entire amount has nearly been exhausted as the banks and other financial institutions are taking about Tk 45 crore to Tk 50 crore a month to disburse loans to buyers of flats.
A senior official of a financial institution said Bangladesh Bank should continue the scheme with bigger fund of at least Tk 1,000 crore as it has multiplier effects on the economy through backward and forward linkage industries to the real estate sector like cement, iron and steel, bricks, electrical equipment, tiles, fittings, ceramic and manufacturing industries.
"The growth of middle-class housing has increased significantly due to the availability of housing fund at a reasonable cost," he said.
"Demand for home loan is increas-
ing by the year and is currently about Tk 1,500 crore, which shows an increase of over 20 percent each year."
Emphasising housing in suburban areas, a former secretary said: "The influx of people towards the capital will reduce significantly if the government comes up with a bigger fund with lower interest rate to develop housing on the outskirts of Dhaka."
He said providing access to housing through affordable home loans Is a form of indirect corporate social responsibility activity because housing has a tremendous social impact.
The former bureaucrat said demand for small-size flats ranging from 700 sq. ft. to 1250 sq. ft. is increasing due to availability of loan at low interest rate to the borrowers by banks and financial institutions under the scheme.
The government should encourage Bangladesh Bank to continue the scheme with an enhanced amount of fund in the interest of middle and low-income groups and should focus on developing satellite towns in suburban areas to reduce pressure on Dhaka, he added.