Over 200 individuals have applied for the 'Gedhoruveriyaa' national housing loan scheme, Planning Minister Mohamed Aslam has said.
The housing scheme was inaugurated last June as part of the government's pledge to introduce nationwide affordable housing options to ensure dignified lives for all. The loan scheme, which entails low interest, low monthly repayment rates, and extended repayment options.
Speaking on a program aired on state TV, PSM, Minister Aslam said the government intends to carry out the scheme without interruption. He said the government aims to identify which islands are the most in need of housing.
'We have already identified that over 50 islands need housing options. We are in the stages of finalizing the islands in which housing projects will be carried out,' the minister said.
The minister further said the housing projects implemented in the islands would not all be the same. Houses will be built on spacious islands, while flats will be constructed on islands with less space.
The ''Gedhoruveriya' loan scheme is implemented jointly by the Planning Ministry and HDFC. Eighty percent of the total project funding will be provided under the scheme, while the applicant will put up 20 percent of the project. The scheme allows up to MVR 700,000 in funding, with repayment scheduled for up to 20 years.
