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.
The Housing Development Finance Corporation (HDFC) has decided to introduce a loan scheme for allowing Maldives Police Service (MPS) officers to build their own homes, according to local media reports.
Haveeru today reported that the Commissioner of Police Abdulla Riyaz had used his official twitter stream to announce that the scheme would allow all police officers to get a home loan.
Police Sub-Inspector Hassan Haneef has said that the loan will be released to officers to build houses which are registered in their own names. He went on to say that the Police Commissioner was undertaking a lot of efforts for the development of the police force.
HDFC states that it has been providing housing loans to all government employees, but that the scheme has only recently been introduced to the police. Haveeru quoted a HDFC official as saying that they have previously received numerous requests from police officers for the loan, and that it has now been facilitated since the corporation has come to an agreement with the MPS.