Government offers up to MVR 250,000 to help first-time home owners
Two new schemes will cover part of the upfront equity that lenders require for housing loans, the housing ministry says, with up to MVR 200,000 for building and MVR 250,000 for buying.
The government will give eligible Maldivians up to MVR 250,000 towards buying a home and up to MVR 200,000 towards building one, under two schemes launched by the Ministry of Infrastructure, Housing and Urban Development on Sunday, 18 October.
The Help to Build and Help to Buy schemes, part of the National Home Ownership Programme, are meant to remove the upfront equity hurdle that stops many people from getting a housing loan, the ministry said.
The ministry signed agreements with four lenders to run the schemes: Bank of Maldives, Maldives Islamic Bank, Housing Development Finance Corporation and Maldives Finance Leasing Company.
Help to Build
Under Help to Build, the government will provide up to MVR 200,000 in equity support to people building a home, in Malé and on other inhabited islands.
Help to Buy
Under Help to Buy, up to MVR 250,000 will be deducted directly from the purchase price of a home. It covers affordable housing units built through public-private partnerships as well as homes sold at market prices.
The ministry described the programme as direct financial backing for first-time home owners.
