President Dr. Muizzu has said the government is preparing to launch a scheme, under a special policy being drawn up, through which it will pay part of the equity that citizens must put down to obtain bank loans to build houses.
The President made the remarks at the 10th programme of the "Citizen's Voice" series, in response to a complaint from a citizen who highlighted difficulties in getting a loan to build a house on a plot allocated in Hulhumalé.
Although banks issue such loans once five percent of the total amount is paid as equity, the President noted that paying that sum in one go is a major obstacle for many citizens. He said that opening the way to bank financing for citizens who lack the means to build on their plots is therefore an important goal of the government.
To address the issue, President Dr. Muizzu said money has already been set aside in a trust fund, and that the part of the equity covered by the government will be given as assistance that does not have to be repaid. He added that the scheme will offer major relief to family members or friends who join together to build on a plot.
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