As pledged during the presidential election campaign, President Dr. Mohamed Muizzu said on Monday that arrangements will be finalized soon for introducing housing loans.
Speaking at a ceremony held to launch the Fushidhiggaru land reclamation project, the President said the announcement will be made after matters required within the banking system to introduce various types of housing loans are facilitated. The government has started administrative work needed for introducing loans to be issued at interest rates lower than five percent, he added.
"After that [administrative work] is completed as well, God willing, work will begin on issuing the various types of loans needed by the public," the President said.
The new scheme will also include loans pledged for building homes on plots of land awarded from the Malé region, he said.
The President also addressed concerns over delays in handing over land plots awarded under the former government's 'Binveriya' scheme. Members of the public selected under the scheme will be awarded flats and land plots, he assured.
"We will not deprive any rights from any persons who were officially gazetted. Instead we will complete it as pledged," the President said.
The new homes will be made a reality by completing unfinished land reclamation from lagoons, he said.
More than 9,000 land plots were awarded under the 'Binveriya' scheme from Hulhumalé, Gulhifalhu and Giraavaru.
