President Dr Mohamed Muizzu has instructed the Bank of Maldives (BML) to reduce the interest rates on Hiyaa finishing loans and Vinares flat loans.

In a post on his official X account, the President said that 535 loans issued for the finishing of Hiyaa flats and 26 loans issued for the purchase of Vinares flats fall under affordable housing financing. He said that discussions has been held with BML to provide concessions for these borrowers.

Following confirmation from BML that such changes are possible within banking procedures, the President has directed that the interest rate for Hiyaa finishing loans be reduced from 12 per cent to 10 per cent. He also instructed that the interest rate for Vinares flat loans be reduced from 9 per cent to 8 per cent.

Additionally, the President stated that for borrowers who have defaulted on these loans, a payment plan should be formulated to help them regularise their repayments.