HBFC loans and commitment of finance minister
M Sanaul Huq Uttara, Dhaka
Our outspoken finance minister is known for his relentless effort to reduce rates of interest of banks and other financial institutions. Of late, in one of his caustic speeches, he termed the bankers as 'kabuliwallas' for not reducing the lending rates. But what about the 'kabuliwalla' in his lap i.e. the House Building Finance Corporation? Here the lending rate is 15% with a very cumbersome computing system which always acts against the borrowers' interest. I borrowed Tk 25 lakh in 1999 to construct a multi-storied building. So far I have paid more than 18 lakh but the HBFC statement shows that I am still to pay another 28 lakh! As a retired government servant I have spent all my savings to construct the house and now perhaps shall have to sell the house to repay the government sponsored 'Kabuliwalla'. Honourable Finance Minister, do you have any plan or prescription to save the poor borrowers of HBFC?
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