HBFC, or a loan shark?
M Sanaul Huq, Uttara, Dhaka
I am a retired government servant, and have built a house in a residential area. I took Tk 25 lakh as loan from the House Building Finance Corporation (HBFC) to construct the house. Needless to say, I also spent all my savings in the project. I felt quite lucky to get the loan sanctioned without much hassle. But I had to start repayment even before the construction was complete. Since 1999, I have paid Tk 10 lakh and 93 thousand in instalments. Yet, the statement issued by the HBFC in July 2003 showed Tk 28 lakh still unpaid. On query, I am shown a complex calculation where interests are added on daily basis at a rate of 15 per cent . It appeared even interest was charged on pre-calculated interests. Perhaps, Kabuliwallas and Mahajans of bygone days would feel ashamed to see what the HBFC is doing. It may be mentioned here that the rent I earn from the building is much less than the instalment I am to deposit every month. The present government is pressurising private banks to reduce interest rates. Many banks are offering loans for different purposes at a much lesser rate. But the fully government owned HBFC is charging at a most exorbitant rate and causing miseries to people like me. I would request the finance minister to please look into the HBFC affairs with a little touch of humanity, otherwise loaners like us will face total ruination.
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