Gov’t to Open Applications for ‘Hiyaavehi’ Housing Loan Scheme with Minimal Interest

The Ministry of Housing announced plans to launch applications for its ‘Hiyaavehi’ housing loan scheme, offering loans with a minimal interest rate. 

In support of this scheme, the Housing Ministry signed a Memorandum of Understanding (MoU) with the Bank of Maldives (BML) during a ceremony at the Ministry. BML will serve as a primary financing partner, facilitating the loan disbursement process. Minister Ali Haidar Ahmed represented the ministry in signing the MoU, while BML’s newly appointed CEO, Mohamed Shareef, signed on behalf of the bank.

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Additional financing partners, the Housing Development Financing Corporation (HDFC) and Maldives Islamic Bank (MIB), have also signed on to support the scheme.

The ‘Hiyaavehi’ scheme is designed as a small loan programme, providing financial support for Maldivian residents seeking to build or complete their first home. According to the government, the application process for the scheme is expected to open within the coming week.

Muizzu previously stated that the scheme would offer loan packages across three tiers: MVR 6 million for Malé, MVR 3 million for urban centres, and MVR 1 million for other islands. Residents from any island within the Maldives will be eligible to apply for these loans.