Gov’t Aims to Finalise Housing Loan Schemes by March
Photo: Planning Ministry
The Cabinet has undertaken the task of finalising 5% interest rate loan schemes for housing by March, in line with President Mohamed Muizzu’s campaign promise.
The decision was reached following a Cabinet discussion on a proposal presented by the Housing Ministry. The proposal focuses on establishing a housing and infrastructure development trust fund and introducing soft loans with low-interest rates. The Cabinet has forwarded the paper to the Economic Council for in-depth consideration and discussion.
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Addressing the media during a press conference at the President’s Office last evening, Abdullah Nazim, the Principal Secretary to the President on Public Policy, shared key insights. He emphasised that the loans would be granted at an interest rate not exceeding 5%.
Nazim revealed that the Economic Council will continue scrutinising the proposal and work towards formulating the loan schemes within the government’s stipulated time frame of 14 weeks or 100 days.
The Cabinet has directed the Economic Council to conduct a study of the housing loan proposal. Specifically, the Council is tasked with identifying government loan schemes, creating a 14-week roadmap for housing loans through the proposed Development Bank, and introducing housing schemes with interest rates not exceeding 5%.
