Maldives announces low interest housing loan scheme
The Housing Ministry said it would announce more details about the scheme later.
By
Aishath Fareeha Abdulla
The Ministry of National Planning, Housing and Infrastructure and the Housing Development Finance Corporation (HDFC) have signed an MoU on Wednesday to provide housing loans at just 5% interest.
The MoU signed at the Seneco Hall of the Voice of Maldives on Wednesday evening will provide loans between MVR 1 million and MVR 3 million.
The Housing Ministry said the loans products will be in accordance with Islamic finance standards.
Under this scheme, loans are issued to all regions of Maldives:
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Includes a special soft loan scheme for the atolls. Under this scheme, up to MVR 1 million will be disbursed
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The loan scheme also provides loans up to MVR 3 million for the Male area and islands within urban centres
The Housing Ministry said it would announce more details about the scheme later.
Low interest loans for housing are on President Dr. Mohamed Muizzu's 'Week 14' agenda.
This is an opportunity for the government to provide assistance to those who have land but cannot build houses due to lack of financial resources, president had said.
