Housing Minister Mohamed Aslam has stated that the recipients of the social housing flats under the 'Hiyaa' project have the option to pay the down payment for their units over several years.
Speaking at a press conference held at the President's Office on Wednesday, Aslam said those who have difficulty in paying the down payment can still move into their apartments when the apartments are ready for occupancy. However, the amount paid as rent by them would be more, said Aslam. In this regard, those who wish to spread their down payment over 25 years will need to pay a monthly payment of MVR 7500 as rent, said Aslam.
"If the down payment is paid, the monthly rent will be lower than MVR 7500. The monthly rent depends on how much is paid as down payment," said Aslam.
Aslam said the government has decided that the maximum monthly rent charged for the Hiyaa flats will be MVR 7,500. The amount is more than reasonable when compared to the total amount borrowed by the government to carry out the project and the interest applied on it, said Aslam. Such a low amount was possible because the government intervened and subsidized the monthly rents, said Aslam.