Minister of Housing and Infrastructure Dr Mohamed Muizzu has told parliament on Tuesday that the ministry had received over 5000 applications for a home construction loan scheme titled “Islamic Facility”.
Islamic Facility is a scheme under which the ministry in alliance with the Housing Development Finance Corporation (HDFC) provides loans to home owners who are unable to construct housing on their land due to financial constraints.
Under the scheme, applicants will be given loans amounting from MVR 50,000 to MVR 4,000,000, to be paid back within a maximum period of 20 years. Thirty percent of all loans issued under the scheme will be given to persons who are between 18 and 34 years of age.
Muizzu revealed in parliament today that the ministry is currently undertaking the work of verifying the submitted application forms. He stated that they will begin issuing the loans in the next 45 days.