President Ibrahim Mohamed Solih has revealed funds to develop 4,000 housing units in Greater Male' region have been secured by the administration. The president made the remarks speaking at the event held to launch the Affordable Housing Loan Scheme of the government.
Speaking to the public in a virtual event, President Solih reassured his administration has always prioritised a decentralised approached to ensure fair housing for residents living across the country. Providing updates on the housing project underway for residents of Malé City, he announced the government has signed agreements to develop 7,000 flats and secured finances for an additional 4,000 units.
The president further detailed the loan would only require the plot registry or the deed of the building under construction as a mortgage or collateral, adding the scheme entails low interest, low monthly repayment rates, and extended repayment options. The loan scheme initiated is intended primarily for residents living outside of the main cities to allow for easier access to housing finance, he added.
Concluding his statement, President Solih assured to fulfill the pledge to provide affordable housing options for a large percentage of the public by the end of his term.