Gov’t to Launch Housing Loan Scheme with Capped Interest Rates

President Dr Mohamed Muizzu has unveiled plans for a new government loan scheme intended to revitalize the Maldives’ housing sector. The program’s objective is to assist individuals who own land but lack the necessary financial resources to initiate new home construction or finalize existing projects. The President indicated that the launch of this loan scheme is imminent.

Speaking at a recent political rally, the President highlighted the government’s dedication to providing accessible financing. He confirmed that the loans would carry an interest rate capped at 5%, fulfilling a key campaign promise. Preparations for the scheme are complete, allowing for immediate initiation of the loan application process.

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The scheme has a broad reach, offering support for new housing construction, renovations, and the completion of unfinished developments. Crucially, this funding is accessible to residents across the country, not solely those within the Greater Male’ Region. While the President acknowledged the particularly high demand for housing within the Greater Male’ Region, he noted that this program has a nationwide focus.

This initiative has the potential to significantly boost both residential and commercial construction activity in the Maldives, positively impacting the construction industry and related sectors.

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