The Maldivian government has introduced a new low-interest home loan scheme, aimed at providing easy finances to people living in residential islands outside the capital. Affordable housing has been on the top of the priorities of the current government.  

President Ibrahim Mohamed Solih on Monday launched the scheme which offers housing loans at a low-interest rate and a long repayment period for those who wish to build, complete construction of, or renovate their homes.

“This scheme will allow people in need of housing in islands across the Maldives to get it done with ease,” Solih was quoted as saying by Sun news. The housing scheme is part of the government’s affordable housing vision, he added.

Under the scheme, the loan could be provided for 80 percent of the total cost of the project. The remaining 20 percent needs to be put up by the applicant. It can be valued as the cost of the project, equipment, the building, or vacant land.

For some years now, affordable housing has become one of the important election issues. 

(SAM)