Malé, Maldives – Government of Maldives has introduced a loan scheme named “Gedhoruveriya” to encourage people to develop their houses within the atolls of Maldives.
According to the announcement made tonight by the government the loans will be given to residents outside the greater Malé area at 6 percent interest rate with a repayment period of 15 to 20 years. The loans are to be given through Housing Development Finance Corporation (HDFC).
The loans capped at MVR 700,000 can be utilized for a new building, renovation or completion of construction of an ongoing project.
While a minimum of two individuals are required per application for Gedhoruveriya Loan it covers 80% of the total cost of the project. The remaining 20% put up by the project owner does not need to be savings in the bank and no additional fees or deposits are needed.
The requirements for the loan are that the individual does not have more than one land registered under their name, they live in the same island where their land is registry at. It is also required for those who apply for the loan or their families to be living in the island for the past three years at minimum.