President Ibrahim Mohamed Solih has announced a special bank to issue housing loans and pledged to keep interest rates below six percent.
The announcement was made as part of the "Happy Life" (Ufaaveri Dhiriulhun) policy under the President's re-election campaign.
The policy includes important measures to solve the housing crisis such as reviewing rules on housing loans and increasing loan amount to MVR 1 million.
Highlights of the policy
- Land will be reclaimed in land-scarce islands to expand housing and land acquisition policy throughout the country.
- Housing units will be set up in land-scarce islands
- Council housing will be introduced with priority given to the poor
- Special bank will be established to provide housing finance and the interest rate on first-time loans for residential purposes will not exceed 6 percent at 10 percent equity
- Homeowner loan policy will be reviewed and the loan amount will be increased to MVR 1 million.
- Vacant properties in the atolls will be made available for profit if the owners wish
- Government to regulate the real estate market and certify real estate developers to the standards set and give confidence to buyers
The government has decided to allocate 6,200 plots of land in Hulhumale', Gulhifalhu and Giraavaru under the housing policy. The provisional list of recipients, for both flats and land, has been announced.
