Mayor calls for extension on housing loan moratorium for Male’ residents

Male’ Mayor, former Housing Minister Dr. Mohamed Muizzu has called on authorities to extend the moratorium on housing loans taken by residents of the greater Male’ area in light of the continued economic hardship due to the COVID-19 pandemic.

In an interview to VTV last Monday night, Muizzu noted that many Male’ residents built their homes by taking out bank loans.

“I, on behalf of the City Council, and for the sake Male’ residents, call on the President and Governor of MMA to extend the loan [moratorium] until the end of this year, by six months at the very least. Do this for the sake of Male’ residents,” he said.

Several banks in Maldives granted loan moratoriums and additional concessions back in April last year.

“Many Male’ residents built their homes by taking out huge loans. They have begun loan repayments. They have resumed repayments following the expiration of the previous moratorium,” said Muizzu.

Muizzu said he believes granting an extension on loan moratoriums is something within the means of the authorities, and should be granted for the sake of the residents of the populous capital.