Housing loans at an interest rate of no more than five percent will be issued starting in October, President Dr. Mohamed Muizzu has announced.
Speaking at a ceremony held to mark Independence Day on Friday, President Dr. Muizzu said the loans aim to solve the housing problem faced by the Maldives, in alignment with his presidential pledge to introduce such a loan. The president said all necessary preparations have been completed for the disbursement of these loans. The loans will be available in three categories as part of a sustainable development concept: loans of up to MVR 6 million will be available for construction projects in Malé City, up to MVR 3 million for urban centers, and up to MVR 1 million for other islands.
These loans can be utilized for new construction, renovation, or completion of unfinished buildings.
