President Dr. Mohamed Muizzu has instructed the Bank of Maldives (BML) to introduce relief measures for borrowers under social housing programmes. The directive was announced through a post on his official X account.
The President highlighted that 535 BML home improvement loans taken for the finishing of Hiyaa flats and 26 home purchase loans issued to Vinares flat recipients fall within the government’s social and affordable housing initiatives. He said discussions had been held with BML to facilitate concessions for affected borrowers.
According to the President, BML has indicated the possibility of reducing the profit rate for Hiyaa flat finishing loans from 12% to 10%, introducing repayment plans for borrowers who defaulted due to financial hardship, and lowering the profit rate for Vinares flat purchase loans from 9% to 8%.
President Muizzu said he has instructed the bank to implement these measures in line with established procedures.
The President highlighted that 535 BML home improvement loans taken for the finishing of Hiyaa flats and 26 home purchase loans issued to Vinares flat recipients fall within the government’s social and affordable housing initiatives. He said discussions had been held with BML to facilitate concessions for affected borrowers.
According to the President, BML has indicated the possibility of reducing the profit rate for Hiyaa flat finishing loans from 12% to 10%, introducing repayment plans for borrowers who defaulted due to financial hardship, and lowering the profit rate for Vinares flat purchase loans from 9% to 8%.
President Muizzu said he has instructed the bank to implement these measures in line with established procedures.
