All You Need to Know About the ‘Gedhoruveriya’ Loan Scheme

As part of the government’s pledge to introduce nationwide affordable housing options that will guarantee a dignified life for people from all walks of life, the ‘Gedhoruveriya’ Loan Scheme was inaugurated yesterday. 
 
President Ibrahim Mohamed Solih launched the initiative via live broadcast yesterday afternoon. In his speech to the public, President highlighted the longstanding issue of housing shortages throughout the country. The ‘Gedhoruveriya’ initiative will act as an easier means for those residing outside main city areas to access housing finance.  
 
Gedhoruveriya Loan Scheme 
Eligibility: 

• For new building development projects 
• Maintenance of existing building 
• Completion of projects underway 

 
Limits: 

• 80% of the total project funding will be provided 
• 20% of the project to be put up ny the applicant which could be any of the following: expenses and material, a building on the land slot, the land slot itself 
• Up to MVR 700,000 in funding 
• Interest rate of 6% 
• Land slot acquired as collateral 

 
Repayment: 

• Grace period of 12-15 months with no interest  
• Repayment scheduled up to 20 years 
• Repayment amount not starting from MVR 5000 a month and not exceeding MVR 5907 

 
At least two people must group together to apply for the loan. It will come at no additional costs for processing and will not require a deposit. The loan is also among those with the lowest interest rates available in the country.