President Abdulla Yameen Abdul Gayoom has launched the new loan scheme for housing to be undertaken with the Housing Development Finance Corporation; a loan scheme under which the Government will pay 20 percent of the loan.
He said this while speaking at a ceremony held to launch the housing project.
Speaking in the ceremony, Housing Minister Dr. Mohamed Muizzu said a special fund will be created under HDFC management and the loan will be issued to youth. He added that the Government will pay 20 percent of the loan, while HDFC will employ their normal procedures to the remaining 80 percent of the loan.
Dr. Muizz added that the scheme was launched to provide assistance, especially to those who were aiming to become homeowners, but had failed to amass the 20 percent down payment amount.
“This is a pledge made by the President, this had been started today. I thank the President for the initiative,” Dr. Muizzu said.
President launches 20% govt. pay housing loan scheme
