Application re-opened for Tata flat loans

Application has been re-opened for loans to pay the down payment of Tata housing units in Arabiya and Gaakoshi has been extended.

47 tenants were granted loans from Maldives Islamic Bank in the first opportunity.

Application for the loan scheme has been extended three times this year. The deadline for the latest extension is November 12.

One of the conditions of the MVR 2 million loan is a saving of MVR 12,000.

There are reports the housing units will be repossessed if the tenant fails to pay the loan.

Tenants have the option of paying for the housing units via a loan directly from a bank or financial institution. They have the option of setting the amount for down payment themselves.

The second option is to take a loan via a bank or financial institution against the retirement savings account under the Regulation for Collateralizing Pension Fund to Acquire Housing by the Pension Office.