HBFC to establish offices in 64 districts

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MNA Business Desk: Bangladesh House Building Finance Corporation (HBFC) will establish 124 offices in 64 districts in one year and also recruit manpower for 1297 posts, reported news agency.

BHBFC is the only state-owned specialized financial institution of its kind. The total Tk 110 crore paid-up capital and limited offices are very inadequate in relation to increasing demand, said the corporation’s managing director Debasish Chakrabarty.

The managing director also added that Islamic Development Bank has recently approved a loan of $95.24 million for rural and peri-urban housing finance project in Bangladesh at 3.25% interest rate within 15 years with a grace period of five years. Loans would be distributed to construct 7976 units both in rural areas, and peri-urban areas which provide support to 47,856 people.

The corporation is making sure the automation of the service such as Management Loan, Loan Disbursement, Loan Recovery, Electronic fund transfer to prove the hassle free service to all.

The corporation was established in 1952 to provide financial assistance in the housing sector. After independence, the corporation was reconstituted as House Building Finance Corporation (BHBFC) by the President’s Order no 7 of 1973.