President Ibrahim Mohamed Solih has revealed that up to MVR 700,000 may be issued through the newly introduced “Gedhoruveriyaa Loan” scheme for the completion of ongoing construction projects.
The president made this remark which speaking at a virtual event held on Monday night to launch “Gedhoruveriyaa Loan”, a new, low-interest loan scheme for residents of outlying atolls with incomplete construction projects or are unable to renovate their homes.
President Solih noted that residents nationwide require housing and that the newly initiated loan scheme is specifically for outlying atoll communities. The “Gedhoruveriyaa Loan” scheme will provide loans at low-interests with an extended repayment period.
Individuals who wish to acquire loans through the scheme are required to mortgage their plots of land or property under development. The loan’s repayment is over 5,000 per month. The repayment period for the loans is set at 15-20 years and carry a six percent interest with a grace period of 12-15 years.
Under the scheme atoll residents will be given up to MVR 700,000 in loans to build homes, complete construction of ongoing projects or renovate residences nationwide.
Going on to highlight that the incumbent administration will deliver its pledge to provide housing to the people, Solih noted that the housing project in the Maldives capital is also is progress.
According to the president, the loan scheme will allow atoll residents in need of housing to reach their targets with ease.
Contracts have been signed for the development of 7,000 and the government is also working to acquire funds to develop 4,000 more units.
“Gedhoruveriyaa Loan” scheme will cover 80 percent of the total value of construction projects, the remaining 20 percent will be covered by the applicant.
The government revealed that married persons and single parents will be prioritized when conferring loans under the scheme, which will be operated by the Housing Development Corporation (HDC).
Minister of National Planning, Housing and Infrastructure, Mohamed Aslam revealed that further details and application deadlines will be publicized by HDC in the coming days.
