A world bank report on housing in the south Asian countries subsisted accelerating home financing to the poor people of the society to case the severe accommodation problems which is increasing rapidly with the rise of population. The study titled “Expending Housing Finance to the Underserved South Asia” does not have any specific data or comment on Bangladesh housing countries in the region, in a similar changing situation, which needs immediate attention.
The report examines housing shortages in South Asia as well as outlines shortcoming of the market for home financing. It highlights the need to make mortgages available to the poor and broaden its reach among the middle and lower class. The report said more than 14 percent of South Asians have no home when a further 45 percent is living in overcrowded conditions. It said this people willingness to pay but unable to have access to mortgages.
The report correctly viewed that the rising number of lower middle class groups pushed housing and housing finance demand way beyond current supply as banks and builders were unprepared to pride service to the lower income segments. As result, it said there is a shortage around 38 million housing units in this region enable a rapid housing and housing finance market expansion , the current obstacles should be removed to the efficient functioning of land administration and mortgage markets, to make homes ,more affordable.
The regions future economic growth social development and employment are tied to providing housing and funding for homeownership. Rapid expansion of housing requires an improved land administration strengthened legal framework for all aspects of housing and promotion of long term funding for mortgage lenders and developers. There can be no difference that the report emphasized the critical role the private sector must play in the provision of a sustainable solution for expending the affordable housing market to lower income groups.
Public sector housing provision alone can not cope with the demographic and urbanization pressures of low income groups. The report did well in pinpointing deficiencies in financial systems which should be eliminated to address the dearth of long term funding for mortgage lenders and developers.
Land developers and housing authority in the public sector can take help from this study an Expanding Housing Finance is the under served South Asia and supplement efforts in building homes for the needy homeless people and thus solve the long felt problem in South Asian counties.