Govt to finalise 5% housing loan schemes by March
Nazim said the proposal was sent to the Economic Council for further discussion because it still needs to be studied extensively.
By
Mohamed Muzayyin Nazim
The Cabinet on Sunday decided to finalize the 5% interest rate loan schemes for housing before March as promised by President Mohammed Muizzu during his presidential campaign.
The Cabinet decided this after discussing a paper submitted by the Housing Ministry on the establishment of a housing and infrastructure development trust fund and the introduction of soft loans at low interest rates. The paper will be sent to the Economic Council for further consideration and discussion.
The loans will be given at an interest rate of no more than 5%, Principal Secretary to the President on Public Policy, Abdullah Nazim told a press conference at the President's Office on Sunday evening.
“The Economic Council will continue this work [further study of the paper] and [decide] to formulate the loan schemes to be introduced within 14 weeks [or] 100 days of the government and bring it to the Cabinet,” Nazim said.
Nazim said the paper was sent to the Economic Council for further discussion because it still needs to be studied extensively. The Cabinet noted the following:
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Identify the loan schemes to be introduced by this government and the week 14 road map on housing and social housing loans through the Development Bank to be established by the government on Sunday and through other banking systems in Maldives
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Introduce government loan schemes for housing to identify these issues and facilitate them
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They should be loans with interest not exceeding 5%
In addition, the Economic Council was asked to discuss the implementation of a rule for the construction of houses through a company or companies, he said. However, he did not elaborate on the topic.
