By Sandasen Marasinghe

The ETF Board granted Rs. 50 million to the Housing Development Finance Corporation (HDFC) to provide housing loan facilities to low income groups, on Tuesday (13).

The Chairman of the Employees Trust Fund Board Professor Visva Warnapala handed over the cheque for Rs 50 million to the Acting Chairman, Housing Development Finance Corporation M. M. C. Ferdinando at the HDFC head office, Colombo.

Additional Secretary to the Housing Ministry M. M. C. Ferdinando said some surveys have revealed that the need of homes would be increased to 325,000 by 2005.

50% houses of this amount 182,000 are built by individuals. HDFC is one of the principal financial institutions providing long-term housing loan facilities to low income groups for a period of upto 25 years. ETF Board, NHDA, Sevana Fund and National Savings Bank are proposed capital contributors to HDFC in order to urge low income groups to build houses.