President asks for reduction in interest on Hiyaa and Vinares loans

President Dr Mohamed Muizzu has requested that Bank of Maldives (BML) reduce interest rates on loans issued for the finishing of Hiyaa flats and the purchase of Vinares flats.

In a social media post, the President said 535 loans have been issued for the completion of Hiyaa flats, while 26 loans were granted for the purchase of Vinares flats.

He added that he discussed with BML the possibility of concessions on these loans, emphasizing that they are part of social and affordable housing initiatives.

Currently, the interest rate on Hiyaa finishing loans is 12 percent. The president has requested that this be lowered to 10 percent and that measures be introduced to assist borrowers who have defaulted.

For Vinares flat loans, he has asked for the interest rate to be reduced from nine percent to eight percent.

“The Bank of Maldives has informed us that this is possible, and we have asked them to implement it in accordance with the rules,” President Muizzu said in his post.