MMA, Housing Ministry discuss lowering interest rate on housing loans

Housing Minister Aminath Athifa has held discussions with Maldives Monetary Authority (MMA)’s Governor Ahmed Naseer on lowering the interest rate for home construction loans.

Housing Ministry reports the meeting took place last Monday, and that the two senior officials discussed lowering interest rate on home construction loans to the range of 5 percent to 6 percent.

Deputy Housing Minister Ali Shamin reported this Tuesday that the Housing Ministry has held similar discussions with commercial banks which operate in Maldives.

Raajje ge meehun dhiriulhey rahrashuga gedhoru imaarai kurumah 5% aai 6% aai dhemedhu interest ge loan dhookurumaaiy gulhey gothun Minister Aminath Aathifa MMA ge governor Ahmed Naseer aai miadhu mashvara kurahvaifi. pic.twitter.com/zOwPDFs5Fo

— Ministry of Housing and Urban Development (@HousingGovMv) July 1, 2019

The scarcity of housing and the high-interest rate of home construction loans is a major concern for the general population.

Lowering the interest rate on housing loans was one of President Ibrahim Mohamed Solih’s electoral pledges.

Deputy Minister Shamin said the new lower interest rate for home construction loans will be announced soon.