Government employees' home loan interest lowered further

FT ONLINE

The government has cut the interest on government employees' home loans even further.

Earlier in 2018, the government introduced a new low-interest home loan scheme for its employees.

The finance division of the Ministry of Finance has amended the home loan scheme today and set a maximum interest of 9 percent, which was10 percent, previously.

The new scheme will be effective from Wednesday, the first day of the new year.

It will be a simple interest as it was before. Simple interest means interests will be calculated on the amount of loan only, not on the interest accrued.

This new scheme will be applicable to new borrowers only.

According to the scheme, government employees will get home loans of Tk20-75 lakh, depending on the grade of their job. The scheme is applicable for all civilians, military government personnel, judges, university teachers and staffs.

Bangladesh House Building Finance Corporation, Janata Bank, Agrani Bank and Rupali Bank has been providing this low-interest home loan for the last year.