Govt allows later submission of drawings for Hiyaavahi scheme

Housing Minister Abdulla Muthhalib yesterday said that the government has decided to provide ease in submitting drawings for the Hiyaavahi financing scheme which issues housing loans with lower interest rates.

He said the application for a the financing scheme requires an approved drawing because of a bank requirement.

However, since Malé City Council requires time to approve the drawings, the government plans to accept accept applications with drawings that have an engineering and architect stamp.

"[Applicants] would be given the opportunity to submit the approved document during the evaluation process," he said on X.

• Loans will be given at an interest rate of five percent

• 25 years repayment period

• Loans will be issued to those newly building a home

• Those with partially built homes would also get loans to complete their building

Issuing loans to those who want to build homes for the first time and those who are unable to complete building their homes was a presidential pledge by President Dr. Mohamed Muizzu. Along with the Ministry of Housing, the finance scheme is being implemented in collaboration with BML, HDFC and MIB.

President Muizzu had earlier said that three categories of housing financing loans would be issued under the sustainable development concept. That is, up to MVR six million in Malé, MVR three million in urban centres and MVR one million in other rural areas, allowing those across the country to have access to the loan.