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NHDA loan recovery rate increases

The recovery rate of housing loans granted to the public by the National Housing Development Authority (NHDA) has increased from 62 percent to almost 100 percent due to the public repaying the housing loans, states a Construction, Engineering Services, Housing and Common Amenities Ministry spokesman.

"The recovery rate of loans which was 62 percent in January 2011, increased upto 101 percent in July 2011," the ministry spokesman said.

"The recovery rate of loans was very low in the past making it very difficult for the NHDA to provide loans," he said.

Construction, Engineering Services, Housing and Common Amenities Minister Wimal Weerawansa visited the 27 NHDA district offices and advised officials on loan recovery strategies,' the spokesman said.

Twenty two out of the 27 district offices have already recovered loans beyond the expected target. The recovery rate in the Matara district is 147 percent, Colombo North 142 percent and Kalutara district 136 percent.

The loan recovery rate in the Northern Province is high with the Kilinochchi district recording a recovery rate of 108 percent.

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