Eligibility Eased for ‘Gedhoruveriya’ Loan Scheme

On June 14, 2021, the Government of the Maldives launched the promising ‘Gedhoruveriya’ Loan Scheme aimed at introducing affordable housing options nationwide. Delivering on its promise to ensure a dignified life for people from all walks of life, this scheme was widely open for application mainly from those residing outside main city areas to access housing finance.  
Previously, it was made necessary for the applicants to have been residing on the home island for a minimum of three years to be eligible for the loan. However, based on the challenges this posed, Ministry of National Planning, Housing, and Infrastructure has decided to remove this factor from the eligibility criteria.  
In light of the new developments, Housing Development Finance Corporation has recalled for previous applicants whose loans were rejected due to this reason to reapply for the scheme if they still wish to. 
‘Gedhoruveriya’ Loan Scheme financing can be applied to new building decelopment projects, maintenance of existing buildings and completion of projects that are underway. This loan has one of the lowest interest rates in the country.