The scheme is offered to citizens who aspire to build homes on their land or to finalise uncompleted projects
On Tuesday, the Maldives government opened the application process to the new construction loans exclusive to the islands, reported The Edition.
President Ibrahim Mohamed Solih introduced the “Gedhoruveriyaa” loan scheme, meaning “Homeowners” on Monday evening.
The scheme, available through Housing Development Finance Corporation (HDFC), provides loans up to MVR700,000 (USD45,265) with a six percent interest rate, and a maximum repayment period of 20 years.
Mabrook Azeez, the spokesperson of the President’s Office, said that application forms will be available on the HDFC website.
The loan will be offered to those who seek to build a house on land they already own or to finish an uncompleted project.
The prerequisite for applying for this loan includes not owning another land besides the one being developed, being a resident of the island the land is on, and the landowner or their family must have lived on the island for at least three years.
Landowners will be given a 12-15 month grace period to build their homes, and the land being developed can also be mortgaged.
Moreover, at least two parties will have to apply while requesting a loan. The Gedhoruveriyaa scheme will fund 80 percent of the project, while the remainder will have to be paid by the homeowners.
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