President Muizzu discusses loan relief measures with Bank of Maldives
Many families who received Hiyaa flats during President Yameen’s administration took out large loans to complete interior finishing works, while flats sold by Housing Development Corporation (HDC) were also purchased through bank financing.
In a post today, President Muizzu stated that 535 loans were taken from Bank of Maldives (BML) specifically for Hiyaa flat finishing works, while 26 loans were taken to purchase the units.
He added that discussions have been held with the bank to ease the burden. Following these talks, BML has been instructed to reduce the interest rate on Hiyaa finishing loans from 12% to 10%, and to introduce a recovery plan for those who have defaulted.
Additionally, the profit rate for loans issued to purchase the flats will be reduced from 9% to 8%.
The government has already reduced Hiyaa flat rent twice in previous adjustments.
