President Dr Mohamed Muizzu has instructed the Bank of Maldives (BML) to implement relief measures for loans extended to beneficiaries of social housing programmes. He announced this through a post on his official X account.
The President stated that the 535 BML home improvement loans issued for the finishing of Hiya flats and the 26 home purchase loans issued to recipients of Vinares flats fall under social and affordable housing initiatives, and that discussions had therefore been held with BML to secure concessions for borrowers.
According to the President, BML has indicated the possibility to reduce the profit rate for Hiyaa flat finishing loans from 12% to 10%, introduce a repayment plan to assist borrowers who defaulted due to financial hardship, and lower the profit rate for Vinares flat purchase loans from 9% to 8%. He noted that he has directed BML to proceed with these measures within procedures