Housing Development Corporation (HDC) and Maldives Monetary Authority (MMA) open opportunity to apply for affordable housing loan scheme initiated to assist in financing renters who have faced shortcomings in producing funds to pay for the apartments situated at Gaakoshi and Arabiya land plots.
HDC and MMA has opened opportunity for applications for affordable housing loan scheme in order to assist in financing for apartments at the Apex Reality apartments. The opportunity to apply for the loans has been opened till September 12, according to HDC. They revealed that tenants can apply after filling a General Information Application Form from HDC. The corporation plans to evaluate tenants who fit to criteria for successful loan aid and help them get the loans. HDC advised to inform the authority of loan arrangements of tenants before October 15.
In an interview with PSM News, Minister of Housing and Infrastructure, Dr. Mohamed Muizzu stated that the government aims to ease the payment process for the tenants of the flats. Under the efforts, government paid more than MVR 200 million to TATA Housing Development Company through HDC, the Minister said. Only 40 recipients of the housing flats in Gaakoshi and Arabiya plot have been able to make the initial down payment for the flat while rest of the 220 individuals are facing difficulties in making the required payments, he added. Loan scheme will have a low interest rate, while repayment period can be chosen between 15 to 25 years, according to the Minister. Affordable loan scheme by MMA would significantly decrease the MVR 400,000 down payment which recipients have to make, Minister Muizzu said.