President Dr Mohamed Muizzu has stated that this administration is one for the people and, as such, will always align with the interests of the people. He made the statement in his address at the launch of the “Hiyaavehi Financing Program” held Tuesday morning.
The President noted that one of the most pressing issues this administration faced was the issue of housing. He said that seeking long-term and sustainable solutions for this a vital aspect, and as such, he gave reassurance the “Hiyaavahi Financing Program” scheme was not one that would be halted one year later. The scheme, he added, was part of the Dhivehinge Raajje manifesto. The scheme is a fulfilment of the loan scheme that capped housing loan interest at five percent and would allow home owners anywhere in the country to upgrade their residences.
The President further noted that the 2025 budget had prioritized on housing, with MVR 1 billion allotted to housing. President Dr Muizzu added that this amount will be apportioned in the next four years’ budget as well. Therefore, he said, every year, MVR 2 billion of housing loans would be leveraged from this MVR 1 billion addition to the scheme.
The President noted that the administration will seek solutions to homeowners who have been unable to proceed ahead with finishing ongoing and planned work on their residences.
In his address, President Dr Mohamed Muizzu reflected on his aims of providing adequate housing options to all citizens. He added that his priority was to fulfill the pledges made in his interactions with citizens in various meetings and platforms.
President Dr Mohamed Muizzu had thanked Housing Development Finance Corporation (HDFC), Bank of Maldives (BML) and Maldives Islamic Bank (MIB), partners in this venture.
The President had announced the interest capped housing loan scheme in his address to the nation at this year’s Independence Day.