President Dr. Mohamed Muizzu has stated that more than two billion rufiyaa in loans will be disbursed for housing this year. Speaking at a meeting with the people of Ga. Maamendhoo tonight, the President said that housing is the most important issue for most citizens in the Maldives, and that people want to have proper housing. He said that due to its importance, it was included in the manifesto and was also set as one of the most important things in this year’s approved budget.
“Through this year’s budget, various things are being facilitated for housing. One of them is an opportunity that can be carried out in every island like this island. We have now opened the opportunity, you can also apply, at 5% interest, which is Islamic finance, a housing loan scheme,” he said. He also said that with this loan, one can build a house on their own plot of land according to their desired design using this loan. The President highlighted that 1,000 million rufiyaa, one billion rufiyaa, has been allocated for this loan scheme in the budget of each coming year. He also said that more than two billion rufiyaa in loans will be disbursed this year through the revolving fund.
“That’s for all islands in the Maldives, including this island. You can take that loan to build a house on your empty plot or even if it’s not empty, on your own plot, 5%, you don’t need to keep any equity, there will be very easy terms, affordable for you, an affordable loan scheme, and again an Islamic finance model loan scheme, it will not include anything that is not religiously permissible in any way,” the President urged people to make use of this loan scheme to build houses.
“From each year’s budget, an additional 1000 million rufiyaa, will be added each year, and since it’s a revolving fund, effectively more than two billion, more than two billion rufiyaa in additional loans can be disbursed, we have now signed with all the banks,” the President said.
