Maldives Monetary Authority together with Ministry of Housing and Infrastructure and Housing Development Corporation launched a new affordable housing loan scheme under the name “Goathi gedhoru agu heyo kurumuge loan scheme” today at a press conference held at MMA head office this afternoon.

The press conference was delivered by Governor of MMA Dr Azeema Adam, Minister of Housing and Infrastructure Dr Mohamed Muizzu and Managing Director of HDC Mohamed Saiman.

During the launch, Dr Azeema highlighted the importance of such a scheme address the low income categories in need of housing. In her address to the press, she said that his scheme will provide housing below MVR 2.2million with interest rates between 5-6 percent loans.

Dr Muizzu further highlighted the categories of citizens that this scheme will benefit saying that under the scheme, priority will be given to the 210 families of the Gaakoshi & Arabiyya flats, who has not been able to secure loans due to their income status. However he said, it won’t only be allocated for residents of Malé and Hulhumalé but also for those in need of housing loans in atolls as well.

In MD Saiman’s speech, he explained that right now in the market, the market is currently catering for the pure social housing and the high end market. Hence, he said that with this scheme, it is will become possible to cater to the low income demographic that doesn’t fall to the pure social housing neither the high end market. He further said that we are working along government policies to ensure affordable housing is available for all. He further said that this scheme will address the imbalance in the housing market, creating a platform for affordable housing.