Applications for Govt Housing Assistance Schemes to Open in November: Minister Muththalib

The government's housing assistance schemes, 'Help to Build' and 'Help to Buy', will open for applications in November, Construction Minister Dr. Abdullah Muththalib has announced. The schemes, part of the National Housing Programme, are designed to help families who can afford loan repayments but lack the initial deposit or equity required for homeownership. Under the Help to Build scheme, the government will provide up to 200,000 rufiyaa towards the 20 per cent equity needed for a one million rufiyaa loan, assisting those with land to construct a home. The initial phase covers Male' City and selected atolls, excluding Hulhumale', Vilimale', Gulhifalhu and Giraavarufalhu, which will be included in later phases. For joint family land in Male', each owner may receive up to 200,000 rufiyaa, with a total cap of one million rufiyaa per plot. The Help to Buy scheme offers up to 250,000 rufiyaa for purchasing affordable homes priced at 1.5 million rufiyaa or less, built by private developers on inhabited islands. The amount is paid directly to the developer, reducing the purchase price; for example, a 1.5 million rufiyaa home would require only 50,000 rufiyaa from the buyer instead of the usual 300,000 rufiyaa deposit. Minister Muththalib emphasised that the assistance is a grant, not a loan, and only needs to be repaid if the property is sold within 20 years. Full details and application procedures will be published by the ministry when the schemes open in November.