Pending court cases involving banks hindering real-estate sector: Mohamed Nasheed

Pending court cases involving banks hindering real-estate sector: Mohamed Nasheed

Parliament Speaker, Mohamed Nasheed, has stated that pending court cases involving inactive bank accounts are an obstacle to obtain housing.

While speaking at the opening ceremony for Glamour Residence by Glut Investments Private Limited, Nasheed stated housing should be developed like a business and mortgages or loans should be established to do so.

He noted that such a loan should have a longer repayment period and require mortgaging the apartment.

He remarked that there are two main reasons banks don't give large loans. Those reasons being the high risk involved for banks and low chance of those loans being repaid.