President Dr. Mohamed Muizzu has disclosed a significant development in his administration’s agenda, announcing plans to introduce low-interest loans for housing construction. The revelation came during the inauguration ceremony for the Fushi Dhiggaru Falhu reclamation project.
Addressing the gathering, President Muizzu outlined ongoing efforts to facilitate low-interest loans as part of the comprehensive roadmap planned for the initial 14 weeks of his presidency. The latest progress report on the roadmap indicates that 35% of the outlined tasks have been completed, with the eagerly anticipated policy on loan issuance expected to be formulated and announced before the conclusion of the 14th week.
President Muizzu elucidated that the government’s primary objective is to extend financial support and low-interest loans to individuals who possess land plots but lack the necessary financial means to construct homes. This initiative is particularly aimed at aiding those who received land plots during the previous government’s tenure but faced challenges in building their homes.
The president detailed the ongoing administrative and technical groundwork involved in issuing loans with interest rates below 5%. In the coming weeks, the government is set to unveil the availability of housing loans through the national banking system. This strategic move aligns with the administration’s commitment to empowering citizens with accessible financial resources for housing development.
Within the 14-week roadmap, two key initiatives are outlined concerning financial assistance for housing construction. The first involves the formulation and implementation of a policy for soft loans at a 5% interest rate, specifically designed to support house development. Additionally, the roadmap includes the creation of a framework for establishing a dedicated trust fund aimed at furthering housing initiatives.