Ministry Eases Hiyaavehi Financing Scheme Requirements for Building Drawings

News

The Ministry of Construction, Housing and Infrastructure has introduced new flexibility in the Hiyaavehi Financing Scheme, allowing applicants to submit building drawings that are not yet approved by the Malé City Council. This change is aimed at addressing challenges faced by Malé residents who struggle to complete the approval process in time to apply for the scheme.

Minister Dr. Abdulla Muththalib confirmed the update via his official X account, explaining that applicants can now submit stamped drawings from a licensed engineer and architect, even if they have not yet received official approval from the council. The revised rules allow for council-approved documents to be submitted later during the evaluation stage of the application process.

The Hiyaavehi Financing Scheme provides affordable housing options through Islamic financing, offering low-interest loans for home construction and renovation. In addition to the flexibility in submitting building drawings, the Ministry has extended the application deadline to April 30, 2025, giving more people the opportunity to benefit from the scheme.

The Hiyaavehi Financing Scheme includes three categories: Hiyaavehi Rahvehi (loans up to MVR 1 million with no equity requirement), Hiyaavehi Saharu (loans up to MVR 3 million), and Hiyaavehi Furamale' (loans up to MVR 6 million for home construction and renovation). Applicants can submit their requests through the Hiyaavehi Portal.