Dhaka: Bangladesh House Building Finance Corporation will establish 124 offices in 64 districts in one year and also recruit manpower for 1297 posts.

Talking to news agency UNB on Wednesday, the corporation's managing director Debasish Chakrabarty said, "They are doing this job to reach the root level with low interest loan scheme and best service with extended offices. This extension will change the housing sector all over country."

He added, "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. So we will establish 124 more offices in 64 districts in one year to provide the best service in the root level."

He said, "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. So we are 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 managing director added, "Several public agencies, such as the National Housing Authority, Public Works Department, Local Government Engineering Department and City Corporations are involved in the financing and development of housing and residential infrastructure projects. Grihayan Tahbil Project, a Housing Fund administered by the Prime Minister's Office, provides funds to non-government organisations (NGOs) and private sector developers for the construction of houses for low-to-moderate-income group people. But this will be the biggest contribution to the development of the housing in Bangladesh."

"We are also going to start an agriculture accommodation loan to encourage the Vertical Extension replacing horizontal Expansion. This effort will contribute much to protect the agricultural land."

He said, "It has now a total of 14 Zonal offices while the number of Regional offices is 15. The corporation has built 202,991 housing units with a loan of TK 5,729.14 crore. The performance will be geared up with the extended programmes."

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.