President Mohamed Muizzu has announced that the government is working to introduce a grant of approximately MVR 200,000 per person to help citizens secure housing construction loans from banks.
The President made these remarks in response to concerns raised by two individuals during the "Rayyithunge Adu" (Voice of the People) series, a platform where citizens can share their grievances and requests.
Muizzu stated that the government is currently developing a scheme to help applicants cover the equity requirements mandated by banks for housing loans.
"We are currently working on a scheme to provide support for the equity payment. This would cover a portion of the five percent equity typically required by banks," the President explained.
He further noted that the scheme would be established with highly accessible eligibility criteria and that the funds provided by the government would be non-repayable grants. The President added that funds have already been allocated in a trust fund for this purpose.
"This is not a loan; it is a grant. The government will provide this for the equity component, and it does not need to be paid back. With roughly MVR 200,000 per person, if three or four people from the same household pool their grants, they could receive around MVR 1 million," Muizzu said.
The current administration previously launched a housing finance initiative called the "Hiyaavehi Financing Scheme" in collaboration with the Bank of Maldives (BML).
However, that scheme faced public criticism, with many citizens claiming the eligibility criteria were too restrictive for the majority of applicants to qualify.
