BHBFC crosses loan approval target, disburses Tk588.95cr in FY22

The Bangladesh House Building Finance Corporation (BHBFC) has recorded 102.12 per cent loan approval and 98.16 per cent disbursements against their target for FY22.

Making the disclosure in an official statement on Thursday, BHBFC Managing Director Md Afzal Karim said, “We approved loans amounting to Tk 714.84 crore and disbursed Tk 588.95 crore in FY22, against our target of Tk 700 crore and Tk 600 crore respectively for that period.

“We also collected Tk 36.25 crore in classified loans during that FY.”

Karim further said, “We have recorded – in this institution’s history – the highest figures in loan approvals, loan distributions, and collection of defaulted loans. The BHBFC disburses loans and invests in construction of homes and apartments, and related equipment.

“In the FY21, we approved loans amounting to Tk 619.26 crore, disbursed Tk 514.03 crore, and collected Tk 615.42 crore in unclassified loans. The total loan collection was Tk 651.77 crore in FY22, an increase from Tk 565.08 crore recorded in FY21.”

He added, “We resolved 178.79 per cent cases against our target set for the just concluded fiscal year. Moreover, the total commercial audit objections were improved 113.53 per cent in the corresponding period.

“I am optimistic that the organisation will make a profit of around Tk 230 crore in the FY22.”

Speaking to The Business Post, the organisation’s Deputy General Manager Md Badiuzzaman said they cannot distribute more loans due to a lack of funds.

He added, “We provide loans at 9 per cent interest rate in Dhaka and 8 per cent outside the capital city.  We also provide housing loans at 7 per cent interest rate to farmers across the country. We disburse loans in four to five installments after approving a client’s application.”