President assures concessions for Hiyaavahi Financing Scheme

President Dr. Mohamed Muizzu gave his assurance last night that concessions will be given for conditions regarding the Hiyaavahi Financing Scheme, the low-interest loan scheme offered by Bank of Maldives (BML) for housing, during its second round.

During his meeting with Maafannu residents last night, one part of a series of meetings, many attendees shared concerns regarding housing to President Muizzu.

It was said during the meeting that many people do not meet the revenue requirement described in the Hiyaavahi scheme, due to it being so high.

President Muizzu said that he has been made aware of the difficulties regarding being eligible for the loan from past meetings.

"I have asked BML to put in concessions for the Hiyaavahi loan when the scheme is open again for a second time," said President Muizzu.

While keeping sustainable development in mind, three categories have been designated when giving out the Hiyaavahi Financing loans. The categories are loans up to MVR 6 million if in Male', MVR 3 million for urban centers and up to MVR 1 million for other islands. This presents the opportunity to anyone living anywhere in Maldives to take out a loan.

While gesturing to other housing concerns that were shared at the meeting, President Muizzu stated that the Hulhumale' Phase 3, Gulhifalhu, Giraavaru Falhu and Rasmale' land reclamation projects have seen a threefold increase in speed with one of the world's biggest dredgers having been brought to Maldives.

President Muizzu also gave his assurance that plots will start being handed out once the land reclamation projects come to an end on the set deadlines.