Press briefing of Cabinet Decision taken on 2018-05-30

Implementation of the Budget Proposal of 2018 on the Middle Income Housing Loan Scheme

- In accordance with a proposal in the Budget of 2018, the Middle Income Housing Loan Scheme is implemented with the objective of supporting the first time home buyers to obtain a house from the Middle Income Housing Loan Scheme implemented by the National Housing Development Authority and the Urban Development Authority. It has been found that the demand for housing cannot be fulfilled expeditiously through the housing projects implemented by the Government, as a result of the non‑availability of adequate extents of lands and the time taken for the completion of the construction activities.

As such, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, to expand this housing loan scheme to make enable the first time home byres of the middle income category to purchase houses from the private sector as well, was approved by the Cabinet.