More than 100 social housing units put up for sale
The flats were put up for sale after its original recipients under a previous government’s social housing programme were unable to secure loans.
26 Nov 2017, 9:00 AM
The state-owned Housing Development Corporation has announced the sale of more than 100 flats awarded under a previous government’s social housing programme.
Built by a subsidiary of India’s Tata Group in the capital, the flats were put up for sale after its original recipients under the Veshi Fahi Malé programme were unable to secure loans before a deadline of November 12.
The flat winners were previously told to either pay MVR2 million (US$130,000) upfront or obtain home loans with a down payment of at least MVR400,000 (US$25,940), a price out of reach for middle or low-income families.
After months of uncertainty for more than 250 flat winners, the central bank in late August enacted regulations mandating banks and financial institutions to join a new loan scheme and allocate at least 10 percent of income for low-interest housing loans.
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