President Dr. Mohamed Muizzu has stated that the government will introduce a free scheme by the end of the year where they will provide the required equity for bank payments regarding loans for constructing buildings.

During today's media briefing held at the President's Office, President Muizzu said that he is not trying to fulfill his pledge to solve the housing crisis by only constructing buildings, and affordable loans via the Bank of Maldives (BML) Islamic continue being given out. He said that the five-percent-interest loan has been approved for many people.

According to the President, the scheme to provide equity within the end of the year will be more expansive.

"Within the end of the year, we look to hopefully introduce a scheme that is more expansive than the affordable loan scheme, a state-funded scheme surrounding equity finance. A certain amount will be given out," said President Muizzu.

The President went on to say that Housing Minister Dr. Abdulla Muththalib will share further details regarding the scheme in the coming days.

"The government will be providing a certain amount of funds that does not need to be paid back for the required component to meet equity based on for example, the finance required for a family living under one roof," the President said.

Housing loans to renovate a house or to buy an apartment had an equity of 10 percent. BML has reduced the equity down to 5 percent.

As per the President, the new scheme will give funds as per the 5 percent.

The President also stated that the flats being built under the housing projects that the current government has begun will see people move into them before his term comes to an end.