President Dr Mohamed Muizzu has announced that convenient housing loans will be issued from July this year as part of efforts to address the Maldives’ housing crisis. The President made the announcement while delivering the Presidential Address at the Parliament’s opening session for this year.
In addition to building housing units across the Maldives, the current year’s budget allocates MVR 1 billion to provide Shariah compliant housing loans at five percent profit percentage for the construction of private residences. The government has already opened application via the Hiyaavahi Portal to apply for this loans.
In his address, the President said the loans will be disbursed from July onwards and necessary preparations are underway. MVR 1 billion will be disbursed in the form of loans by the end of the year, he stated, to assist the people to build their life.
The President noted that the scheme allows loans of up to MVR 6 million to build homes in Male’ City, and up to MVR 10 million in the case of several owners of the same property applying for loans jointly.
In addition, loans of up to MVR 3 million will be issued to build homes in select islands under the concept of sustainable population and development, he said. In other islands, loans of up to MVR 1 million can be borrowed.
“The loan can be used to build a brand new house, finish an unfinished house and renovate an existing home. This is a great opportunity for people in all islands across the country to spend on their first house,” he said.