Maldives Monetary Authority (MMA) has decided to introduce new housing loan scheme to ease the housing hindrances.
At the press conference held at Maldives Monetary Authority (MMA), Governor Dr. Azeema Adam said the loan scheme, especially for the locals with housing complications would be introduced in August. The scheme is divided into three years.
Even though the interest rate of current housing loan schemes in Maldives are at 12%, the interest rate of the housing loan introduced by MMA would be between 5-7%. MMA gives utmost priority to ease the housing complications faced to the locals, Governor Azeema noted during the Press Conference.
Speaking at the press conference Minister of Housing and Infrastructure, Dr. Mohamed Muizzu stated that priority will be given to applicants of the flats at Gaakoshi and Arabiyya land plots who have difficulty in raising finance. The new loan scheme will enable applicants to get loans up to MVR2.2 million to purchase new housing flats or construct homes, according to the Housing Ministry.
MMA has also called on banks to allocate at least 10% of loan schemes for residents faced with housing hindrances.