MMA issues loans under Affordable Housing Scheme

Maldives Monetary Authority (MMA) has revealed that 55 applicants received loans in the first phase of the affordable housing loan scheme.

The affordable housing loans introduced by the Maldivian Government to enhance the living standards are well received by the public, according to MMA. Under phase one of the loan scheme, tenants who have faced shortcomings in procuring funds to pay for apartments from Gaakoshi and Arabiyya land plots can attain loans of not more than USD 129,400 from the banks.

Furthermore, MMA has established a system in which the bank will finance the whole loan without the tenants having to pay any down payment.