Minister of Construction and Infrastructure Dr. Abdullah Muttalib has confirmed that the government’s 5% subsidized housing loan scheme will be launched by early July at the latest.
Speaking during Parliament in response to a question from Hoarafushi MP Ali Moosa, the Minister said that preparations are well underway, with the Ministry currently finalizing agreements with financial institutions to facilitate the program.
“We are working on signing agreements with financial institutions. Once that is completed, evaluations will be conducted through these institutions, and loans will be disbursed to eligible recipients,” Dr. Muttalib stated.
He further noted that applications already submitted will be forwarded to the participating banks and processing is expected to begin at the start of July.
The loan scheme, announced earlier this year, is a key initiative under the current administration’s housing policy aimed at improving affordable homeownership opportunities across the Maldives.