President Ibrahim Mohamed Solih has announced that the administration is considering expanding the loan amounts available through the Affordable Housing Loan Scheme, which was inaugurated earlier this month.
The housing loan scheme was established to assist people across the Maldives build their own homes. The loans will be made available through the Housing Development Finance Corporation (HDFC), with an interest rate of 6% and a repayment period of 15 to 20 years. The loans are limited to roughly MVR 700,000.
However, President Solih stated during a press conference on Tuesday that the government is considering increasing the amounts that can be provided under the loan scheme.
The loans can be used to construct a new building, renovate an existing structure, or finish a construction project that is already underway. Each loan application requires a minimum of two people and covers up to 80% of the total project cost.