Govt to finalise 5% housing loan schemes by March

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:

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.