Home loans with 5% rates to start in October
Low interest loans for housing are on the government's 'Week 14' agenda.
By
Aminath Shifleen
With interest rates not exceeding 5%, housing loans will be disbursed from October, President Mohamed Muizzu said on Friday evening.
Speaking at the Independence Day celebrations held on Friday, the President said the government's biggest promise is to facilitate housing and bring a solution to the problem.
To address that, he said, loans will be available to anyone living in any part of Maldives with low interest rates. All the necessary work has now been completed, he said.
The President said the loans will be issued in three categories under the sustainable development concept:
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Up to MVR 6 million in Male
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Up to MVR 3 million in urban centres
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Up to MVR 1 million in other islands
“These loans will be used to complete the unfinished construction of houses,” he said.
The government announced these loans first in late March last year.
Low interest loans for housing are on the government's 'Week 14' agenda.
President Mohamed Muizzu had earlier said that this is an opportunity that will provide assistance to those who could not build their homes due to lack of land to build houses and lack of financial resources.
