BML gets on board for housing soft loan scheme

Bank of Maldives (BML) has executed a Memorandum of Understanding (MoU) Housing Ministry to participate in the soft loan scheme for housing.

The MoU was signed during a ceremony held at Housing Ministry, by BML’s CEO Mohamed Shareef and Housing Minister Dr. Ali Haidar.

Speaking at the ceremony, Minister Haidar said ‘Hiyaavahi’ soft loan scheme will offer loans between MVR 1 million to MVR 6 million at an interest rate of five percent.

The loans are offered as follows:

•         Up to MVR 1 million to construct houses on islands
•         Up to MVR 3 million to construct houses in urban centres
•         Up to MVR 6 million to construct houses in Male’ area

As per the Minister, a 25-year period will be granted to repay the loans. Minister Haidar said the loans are issued to construct new houses and completion of houses that are already under construction.

“This [scheme] will serve as a great easement those seeking housing in the Maldives,’ he added.

Minister Haidar noted that agreements have already been signed with Housing Development Finance Corporation (HDFC) and Maldives Ismail Bank (MIB) for issuance of loans under the scheme.

Awarding loans at a lower interest rate for housing is an electoral pledge of President Dr. Mohamed Muizzu.