President seeks lower interest rates on Hiyaa, Vinares flat loans
President Muizzu said he had held discussions with the bank to explore concessions, noting that the loans were linked to social and affordable housing projects.
President Mohamed Muizzu said on Sunday that he has asked the Bank of Maldives (BML) to reduce interest rates on loans issued for the finishing works of Hiyaa flats and for the purchase of Vinares flats.
In a post on social media, the President said he had held discussions with the bank to explore concessions, noting that the loans were linked to social and affordable housing projects.
According to the President:
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BML has issued 535 loans for the finishing works of Hiyaa flats.
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The bank has disbursed 26 loans for the purchase of Vinares flats.
He said he has requested BML to reduce the interest rate for Hiyaa finishing loans from 12% to 10%, and to introduce arrangements for borrowers who are facing difficulty or who have defaulted.
BML has also indicated that it is able to reduce the interest rate on loans for the purchase of Vinares flats from 9% to 8%.
The Hiyaa flats were handed over without finishing works completed, prompting many recipients to take loans for interior completion before moving in.
The President noted that rent deductions have been revised to reduce MVR 100,000 from Hiyaa flat rent payments, in line with his earlier pledge to refund MVR 200,000 spent by recipients.
