Government to provide MVR 200,000 per person for housing loan equity; larger households could receive up to MVR 1 million: President

President Dr. Mohamed Muizzu has announced that the government is preparing to launch a new scheme to assist citizens with housing loan equity payments. Under this initiative, a policy is being formulated where the government will cover a portion of the equity required for bank-issued housing construction loans.

This was revealed in response to a complaint raised by a member of the public during the tenth episode of the "Rayyithunge Adu" series.

The President stated that he intends to broaden access to housing loans by streamlining procedures and easing eligibility requirements to ensure that as many citizens as possible can benefit from the scheme.

The President stated that the primary obstacle most citizens face in securing loans is the requirement to provide a five percent down payment. He further noted that work is currently underway to launch a special scheme designed to address this challenge and provide a viable solution for the public.

President Muizzu stated that funds have already been allocated in a dedicated trust fund for this purpose, and a decision has been made to provide a portion of the required equity payment as a grant.

The President stated that this is not a loan, but rather a non-repayable grant provided by the government to cover the equity component. He further noted that each individual would receive approximately 200,000 Rufiyaa.

The President stated that a household with three or four people could collectively earn approximately one million Rufiyaa, adding that this amount is also achievable for a family of five.

The President described this scheme as a vital program initiated by the government to provide solutions to the significant housing challenges faced by the public.