President Dr Mohamed Muizzu has said that under efforts to resolve housing difficulties, a housing loan with a 5 percent interest rate cap will be issued from this October.
President Dr Mohamed Muizzu has said that under efforts to resolve housing difficulties, a housing loan with a 5 percent interest rate cap will be issued from this October.
Speaking at last night's ceremony to mark the Maldives' 59th Independence Day, the President said that while facilitating housing options for all is a key pledge of this government, this loan would be open to Maldivians living in any region of the country.
President Muizzu said that the majority of work around organizing these loans have now been completed.
Under a view towards sustainable development, the loans will be issued at three levels, he said. The three levels are;
- loans of up to MVR 6 million for Male'
- loans of up to MVR 3 million in urban centres
- loans of up to MVR 1 million in other islands
The President that these loans would facilitate building of new homes, renovation, or continuation of halted housing construction.
During last night's speech, President Muizzu also said that avenues had been found to build the two bridges needed to connect islands in the Greater Male' region.
The current bridge project does not extend to connecting Giraavaru Falhu, or Giraavaru Falhu to UthuruThila Falhu. However, now there is the opening to submit proposals to build these two bridges as well, he said. The President said he aims to commence work on these two bridges in 2026 and see them completed by 2029.
President Muizzu also said that work on the Rasmale' project has resumed. He added that under various loans granted by China, 30,000 housing units will be built in Rasmale' within this term.
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