Malé, Maldives – Minister of National Planning, Housing and Infrastructure, Mohamed Aslam has said that he is in favor to lower the rate of housing loan interests in Maldives.
Speaking at the Maldivian Democratic Party’s congress being held in Male City, Minister Aslam told that loans for housing is given at a very high interest rates by the banks in Maldives and that he believes it should be lowered.
No one would need MVR 10 million for housing. It would be MVR 2 million at most. Thats the individuals housing loan requirement. Rest is whats done commercially from that house.Minister of National Planning, Housing and Infrastructure, Mohamed Aslam
Pointing out that some people take big loans in the name of housing, the hosuing minister further added that people take loans of MVR 10 million or above in the name of housing should not get low interest rates but those who take loans to built a housing unit must be considered.
Minister Aslam’s remarks on housing loan interests come while Bank of Maldives (BML) has lowered their home loan interest rate to 9% in December 2021.