Housing loans will be issued starting in July to address housing issues, President Dr Mohamed Muizzu said today.
A significant portion of this year's budget has been allocated for housing projects, with MVR 1.5 billion designated.
Delivering his Presidential Address in Parliament today, President Muizzu detailed the housing loan initiative, stating that applications are now open through the Hiyaavahi Portal, with disbursements set to begin in July.
“God willing, this government will provide MVR 1 billion in loan assistance to Maldivians to build their homes by the end of this year,” he said.
"This is a great opportunity for people across the country to invest in their first home."
Details of the loan scheme:
- If in Male', individuals can apply for loans of up to MVR 6 million, with joint applicants eligible for up to MVR 10 million.
- On designated islands under the sustainable population and development concept, loans of up to MVR 3 million can be requested.
- On other islands, individuals can apply for loans of up to MVR 1 million.
President Muizzu said that these loans can be used to build new houses, complete unfinished homes, or renovate existing ones.
Previously, the government announced MVR 1 billion in housing loans at a five percent interest rate. The total state budget for this year stands at MVR 56.6 billion.