President Dr. Mohamed Muizzu has announced the opening of loan applications aimed at facilitating new housing projects. He made this announcement during his address at the inauguration of a campaign office for a parliamentary candidate contesting the Central-Machangoalihi Constituency.
During the inauguration, President Dr. Muizzu highlighted the challenges faced by individuals who own land but lack the means to construct homes. He reiterated the government's commitment to providing loans with capped interest rates at 5%. He emphasized that all necessary preparations have been completed, paving the way for the launch of the loan application process.
Furthermore, President Dr. Muizzu mentioned that the loans would be available for various housing-related projects, including new construction, unfinished developments, and home repairs. Importantly, he stated that the financial assistance is not limited to residents of the Greater Male' Region but is accessible to individuals across all areas. He also acknowledged the heightened demand for housing within the Greater Male' Region and indicated that a significant portion of the loans would be allocated to the region due to its dense population.
The introduction of a housing loan scheme with an interest rate not exceeding 5% is a key presidential pledge.