Housing Ministry states that as pledged by the President, a housing loan mediated by HDFC with a low interest of 5 percent will be progressed. President Muizzu had assured the introduction of additional housing loans within the year as well.
An agreement has been signed between Housing Development Finance Corporation (HDFC) and Ministry of Housing, Land and Urban Development to issue housing loans at a low interest accordingly with the pledge made by President Dr Mohamed Muizzu.
A press statement released by the Ministry of Housing revealed that this scheme named "Hiyaavahi Finance Scheme" will be progressed through HDFC in conformity of the Islamic Finance policies.
The Ministry explained that this loan dispersed in order to establish housing over all regions of the country offers an interest rate capped at 5 percent.
The amount of funds which islands across atolls are allowed to acquire through this scheme is a maximum of MVR 1 million while the region of Greater Male' and dedicated locations determined as urban centers by the State are able to draw up to amounts that do not exceed MVR 3 million through this loan.
The Ministry had assured that further information on the loan scheme will be disclosed at a later date.
In addition to this scheme, the president had also recently revealed that a Home Completion Loan dedicated to houses that have acquired a certain level of completion after beginning construction but is presently halted from further developments will also be introduced.
He had further announced that a loan scheme essential for houses that require renovation is also decided to be launched.
President Muizzu gave his assurance this week that both the Home Completion Loan and Home Renovation Loan will be issued within this year regardless of the delay.
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