MMA to conduct the third phase of the 5% housing loan scheme

Photo: MMA

Maldives Monetary Authority (MMA) is preparing a 5% loan scheme for the public to build houses.

On MMA’s anniversary, the Governor, Mr. Ahmed Naseer stated that an MVR 1 million loan scheme is being prepared for housing on the islands across the Maldives as the 3rd phase of the loan scheme project.

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The loan scheme was introduced back in 2017, with the main purpose of providing easy access to loans for citizens without housing.

According to MMA, MVR 2.4 million worth of downpayment by 53 people has been guaranteed under the first scheme. And under the second scheme, 75 people were issued the loans before December 31, 2018.

The scheme was prepared by prioritizing the people who received the TATA flats. While MVR 2.2 million is the highest issuable amount, the interest rate is dependent on the downpayment amount.

While the interest rate of this scheme is between 5 to 6%, other housing loan released by banks usually has an interest rate of 11% or higher.

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