Government to introduce low interest housing loans in August

Minister of Housing and Urban Development Aminath Athifa has stated the administration will open opportunity to apply for housing loans with low interest rates. The housing minister made the remarks answering a question posed by the parliament.

Minister Athifa noted while issuing loans with an interest of 5-6 percent is a pledge of the administration, the relevant financing authorities have held discussions with Maldives Monetary Authority (MMA) to make the necessary arrangements. She said efforts are underway to complete the latest draft to issue the low interest rates by the end of August.

When asked about the doubled expenses due to the poor quality of the housing units, the minister answered the administration is seeking qualified supervisors to ensure the quality of the housing projects. She said the housing units are destructed due to the poor monitoring of the establishments, adding maintenance need to be done before tenants move in to the flats.

Furthermore, the minister expressed housing projects in islands will commence next year.