Teachers, staff of 4 public universities to get home loans

Teachers and staff members of four public universities will receive subsidised home loan facilities from next month.

The universities are Dhaka University, Chittagong University, Shahjalal University of Science and Technology (SUST) in Sylhet, and the Sylhet Agriculture University, an official of the home loan cell of the Finance Division said on Monday.

According to the cell, authorities of the four universities signed agreements with two state-owned banks and a financial institution on November 5. Sonali Bank signed agreements with Dhaka University and SUST, while the Bangladesh House Building Finance Corporation and Rupali Bank signed agreements with Chittagong University and Sylhet Agriculture University, respectively.

SUST Vice-Chancellor Farid Uddin Ahmed said: “It is good news for public university teachers and officials as they will be able to buy flats at low interest rates.”

University teachers and staff from the villages and small towns will get maximum financial benefit from the fund, added Farid, who is also the former president of the Federation of Bangladesh University Teachers Association (FBUTA).

According to a circular issued on December 28, 2019, and signed by Finance Secretary Adbul Rouf Talukdar, teachers and staff of public universities will get home loans till the age of 64.

They will enjoy a loan facility of a maximum of Tk75 lakh with a 5% subsidised interest rate and the lowest ceiling of the loan will be Tk30 lakh. The grace period of the loan is six months and the repayment period is 20 years.

Previously, a permanent government employee serving for five years and not crossing the age limit of 56 years would qualify for the home loan facility, following scrutiny by the loan providers.