President Dr. Mohamed Muizzu has revealed that his administration is preparing to introduce low interest loans to build houses. He made the statement at the ceremony held to inaugurate the Fushi Dhiggaru Falhu reclamation project.
Speaking at the ceremony, President Muizzu said that efforts are underway to provide low interest loans for the construction of houses as part of the roadmap for his first 14 weeks in office. The latest update on the roadmap shows that 35% of the work has been completed and the policy on loan issuance is expected to be formulated and announced before the end of the 14th week.
President Muizzu said that the government aims to provide loan and financial assistance to those who have land plots but lack the financial resources to build houses. He said that this would allow recipients of land plots in the previous government to build their house. He detailed that the administrative and technical work required to issue loans at interest rates below 5% is underway and the government will soon announce the availability of housing loans through the banking system.
The 14-week roadmap includes two initiatives related to financial assistance for the construction of houses. They are the formulation and implementation of a policy on soft loans at 5% interest for the development of houses and the formulation of a framework for the establishment of a trust fund dedicated to housing.