Housing and Public Works Minister Engineer Mosharraf Hossain on Monday said that reduction of bank interest rates would help boost planned housing across the country, reports BSS.

"Long term loan system should be introduced, only then rural people would be able to build modern houses while the pace of urbanization would slow down," he said while speaking as the chief guest at a discussion in Dhaka.

Housing and Public Works Ministry organized the discussion marking "World Habitat Day 2016" at the Osmani Memorial auditorium here with secretary of the ministry, M Shaheed Ullah Khondoker, in the chair.

The Minister said that repayment period of bank loans should be at least 30 years and the rate of interest should be four to five per cent, as such loans helped many countries grow.

"Promotional campaign about bank loan was necessary if the Prime Minister's commitment of 'housing for all' was to be realized. Introduction of long term bank loans in the housing sector on easy conditions would help implement the vision," Mosharraf said.

He said that about one lakh apartments were being built at Uttara-3 project, Purbachal and Jhilmil residential areas and these flats would be sold at a minimum cost to people.