Govt allows low interest housing loan without council drawing
The ‘Hiyaavahi’ loan scheme was introduced to assist individuals who own land but lack the funds to build a home.
Ministry of Construction on Monday announced that applicants for the government’s low-interest ‘Hiyaavahi’ housing loan scheme can now apply without submitting a drawing approved by the Male’ City Council.
Initially, the scheme — launched in November — required applicants to provide a council-approved building plan as part of their application. However, the government has now revised the rules to ease the process for landowners struggling to secure financial assistance for home construction.
Construction Minister Dr. Abdulla Muththalib stated that banks had originally insisted on council-approved drawings.
“But the process of getting approval from the council takes a considerable amount of time, and we do not want delays to hinder access to this opportunity,” he said.
Under the revised guidelines, applicants may now submit architectural drawings stamped by a licensed architect, bypassing the need for immediate council approval. Drawings stamped solely by engineers will not be accepted under the new criteria.
Muththalib clarified that the evaluation of applications will proceed with architect-stamped designs, and applicants will still have the opportunity to submit a council-approved version at a later stage, if required.
The ‘Hiyaavahi’ loan scheme was introduced to assist individuals who own land but lack the funds to build a home. With the new changes, more people are expected to benefit from the initiative before the application deadline at the end of this month.
