The Government has launched a loan scheme for damages to homes occurring from natural disasters.
The BML loan scheme launched this morning will grant loans to those individuals whose homes who had been affected by losses from fires and flooding, as determined by the Government.
The government will release 40 percent of the loan, with BML releasing MVR 500000 as 60 percent of the loan. The recipients will receive MVR 850000 at the lowest interest rate of nine percent. The loan is payable over a 15-year period. Those presently affected by disasters can apply for the loans.
After launching the loan scheme, Defense Minister Adam Shareef Umar said the loan was launched to lessen the extent of damages sustained in such disasters. He added that this was a key priority for the President. He thanked BML for their assistance in launching the product.
BML Retail Banking Director Mohamed Shareef said that BML was the nation’s bank and will provide solutions for all issues that is faced by the citizens.
Govt. launches loan scheme for home damages from natural disasters
