BML partners with govt for low-interest housing loans
Housing minister Dr Ali Haider said the application process will open within the next week.
Bank of Maldives (BML) on Thursday signed a Memorandum of Understanding (MoU) with the housing ministry to participate in the government's low-interest housing loan scheme.
The signing ceremony took place at the housing ministry, with housing minister Dr Ali Haider and BML CEO Mohamed Shareef in attendance.
The scheme, titled the Hiyaavehi Finance Scheme, offers soft loans ranging from MVR 1 million to MVR 6 million at an interest rate of 5%. The scheme is structured to provide different loan amounts based on geographical regions:
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Up to MVR 1 million for house construction in islands
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Up to MVR 4 million for house construction in designated urban centres
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Up to MVR 6 million for house construction in capital Male
The loans will support new construction projects as well as the completion of houses that are currently under construction. Additionally, the scheme is open to new builders, with a repayment period of up to 25 years.
“This loan will be a huge help for housing in the Maldives,” said Haider, adding that the application process will open within the next week.
The government has already signed similar MoUs with the Housing Development Finance Corporation (HDFC) and the Maldives Islamic Bank (MIB) to provide loans under the scheme.
