President Irfaan Ali at the International Building Expo 2022 announced a number of initiatives aimed at making home ownership affordable.
For families with homes that cost $6M and lower, the government will be providing sheet rock and one sling of cement to commence construction.
The Head of state said this will come into effect on the last day of the International Building Expo.
Meanwhile, for every young professional, and middle income homes from $6M to $25M, two slings of cement will be provided to families.
Following consultations with the local commercial banks, the banks have agreed that there will be no percentage equity for loans below $6M.
“There will be no percentage required for loans below $6M, so you don’t have to find a 10% or 6%,” Dr. Ali announced.
“Further, the bank has agreed that they are doing to reduce the interest rate for housing and building up to $9m to 3.8% This is coming at a time when the world is increasing interest rate, these are direct responses to policies of the government,” he added.