Soft loan scheme for home construction to open ‘very soon’

Applications will open soon for soft loans to finish construction of homes, says President Dr. Mohamed Muizzu.

The president made the announcement while speaking at a ceremony held on Monday night to open the campaign center of Ahmed Zameer, an independent candidate who the main ruling People's National Congress (PNC) is backing for the Central Machangolhi parliamentary seat.

Addressing the event, President Muizzu said the new scheme will offer loans to people building their first homes at an interest rate capped at five percent.

He said the scheme is aimed at assisting people who own land, but do not have the financial capacity to build homes or afford commercial loans.

According to him, applications for the loan scheme will open “very soon.”

Introducing a soft loan scheme to assist people build homes was one of President Muizzu’s electoral pledges.