Home construction loans with low interest rates will be announced by the end of August, says Minister of Housing and Urban Development Aminath Athifa Shakoor.
Athifa was summoned to the parliament for questioning on Monday. Answering the inquiries of lawmakers, Athifa said it is a key electoral pledge of President Ibrahim Mohamed Solih to offer home construction loans with interest rates as low as 5-6%, to ease the housing issues faced by the citizens.
The government has been working on the pledge for the past six months, and discussions are ongoing with Maldives Monetary Authority (MMA) and other financial institutions to formulate a draft to achieve the pledge, said the Minister.
The work is expected to conclude by end of August, after which the home construction loans low interest rate of five or six percent will be announced, she said.
Minister of Housing and Urban Development Aminath Athifa Shakoor at the parliament on Monday - Photo: Majlis
