The Ministry of Housing issued over 400 forms yesterday for applicants to the Rf500 million (US$32 million) loan scheme for houses in Male’ with stalled construction, reports Haveeru.
State Minister Akram Kamaaludeen said that the deadline for applications has been extended from November 5 to 15 and the ministry has decided not to require applicants to submit engineering reports after considering the cost of preparing the report.
“The applicant will have to submit the engineering report once they’ve been qualified for the loan. The loan will be issued once the report is submitted,” he explained.
The loans will target owners who are unable to continue construction due to financial constraints or ineligibility for loan schemes offered either by the Housing Development Finance Corporation (HDFC) or domestic banks.
The maximum amount given to each individual will be Rf3 million, which should be paid within 15 years after a grace period of one year with an interest rate of 11.75 percent per year.