Leaders of the Real Estate and Housing Association of Bangladesh (REHAB) have demanded the formation of a special housing fund and the introduction of long-term housing loans at single-digit interest rates (less than 10%) to keep the country's housing sector dynamic. They made this demand during a meeting with Bangladesh Bank Governor Mohammad Mustafak Rahman.
The meeting took place on Sunday afternoon at Bangladesh Bank. REHAB made the announcement in a press release.
REHAB President Ali Afzal said that if housing loans were introduced at low interest rates and easy terms for flat buyers, the dream of owning a home for middle-class and lower-middle-class people would become a reality. He added that the housing sector would further boost the country's economy.
Senior Vice President Abdur Razzak said that to effectively decentralize Dhaka, planned housing must be developed at the district and upazila levels. He emphasized the need to expand low-interest housing loan facilities for this purpose, which would encourage people to live outside the capital.
The REHAB delegation included Vice Presidents Mohammad Akhtar Biswas, Abu Khalid Mohammad Barkat Ullah, AFM Obaidullah, and Mohammad Harun Ar Rashid, and Director Tasnova Mahbub Salam, among others.
Bangladesh Bank Governor Mohammad Mustafak Rahman said that the housing sector's contribution to the country's economy, employment, and industrialization is extremely important. He noted that housing sector loans are one of the safest loans in the banking sector, resulting in lower interest rates compared to other sectors. He added that Bangladesh Bank is working on a bond-based financing system to ensure long-term housing loan financing, which would expand long-term financing opportunities in the housing sector and make it easier for the general public to obtain housing loans.
