Press briefing of Cabinet Decision taken on 2019-05-28

The Accelerated Programme for the Development of Middle Income Housing and the Infrastructure facilities

- The accelerated Programme for the Development of Middle Income Housing and the Infrastructure facilities was launched as a priority programme of the Government with the objective of providing housing for Middle Income Wage Earners of both the public and private sectors. Under the programme, facilities had been provided for both the public and private sector employees to obtain a maximum credit facility of Rs.5 million under an interest rate of 7% for the purchase of a housing unit. However, according to the present economic trends, taking into consideration, the requests made by the beneficiaries who hope to obtain loans under this credit scheme, the joint proposal made by Hon. Ranil Wickremasinghe, the Minister of National Policies, Economic Affairs, Resettlement & Rehabilitation, Northern Province Development and Youth Affairs and Hon. Sajith Premadasa, the Minister of Housing, Construction and Cultural Affairs to increase the credit facility given under this scheme up to Rs.10 million and to reduce the interest rate up to 6% and amend the selection criteria enabling the benefits to be provided for a larger group of persons, was approved by the Cabinet.