In a bid to resolve the issues of housing troubles, every year, the annual budget will have an allocation of MVR 1 billion for housing loans, President Dr Mohamed Muizzu has said.
In a bid to resolve the issues of housing troubles, every year, the annual budget will have an allocation of MVR 1 billion for housing loans, President Dr Mohamed Muizzu has said.
At the launching of the Hiyaavahi Financing Scheme introduced by the Ministry of Housing, Land and Urban Development today, the President said that individuals who have land, but lack the means to construct homes, will now have the opportunity to complete the work through taking loans from this scheme.
Next year's budget has an allocation of MVR 1 billion for the scheme, and together with other housing projects, the total budget allocation reaches MVR 4.8 billion.
The President emphasized that he places great precedence on fulfilling his pledges. He expressed confidence that this scheme would contribute towards finding a permanent solution to the housing difficulties faced in Male' and the atolls.
"What I want to see is that by 2028, when this term ends, there is no one in Maldives who does not have access to housing. That is what I want to see. This loan scheme will provide that opportunity for thousands of citizens," the President said.
The President announced that the scheme can be applied to from tomorrow onwards, and all necessary information will be available on the government gazette.
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