Housing Ministry Opens Applications for Loan Scheme Via ‘Hiyaavehi’ Portal

MV+ News Desk | November 9, 2024
Photo: MV+

The Ministry of Housing, Land and Urban Development has announced that applications for a new housing loan scheme with interest rates not exceeding five percent can now be submitted via the ‘Hiyaavehi’ portal.

The soft loan initiative, introduced last Tuesday, is an electoral pledge by President Dr. Mohamed Muizzu aimed at making homeownership more accessible for Maldivians. According to the Housing Ministry, the application portal is accessible through e-Faas.

The scheme is being operated in collaboration with three banks: the Housing Development Finance Corporation (HDFC), the Bank of Maldives (BML), and Maldives Islamic Bank (MIB). Loans under the scheme are available in three categories based on geographical location, with varying loan caps:

  • Atolls: Loans of up to MVR 1 million for building homes on islands. These loans, issued through HDFC, do not require equity.
  • Urban Centres: Loans of up to MVR 3 million for building homes on islands classified as urban centres, available through BML and MIB.
  • Greater Malé Area: Loans of up to MVR 6 million for homes in the Greater Malé Area, provided by BML and MIB.

The scheme is designed to assist individuals who face financial constraints in starting or completing home construction projects. Additionally, it seeks to support housing development in Malé City by encouraging the consolidation of small land plots. Applicants constructing homes on combined plots can receive an additional MVR 1 million in financing per additional plot.

The government has proposed a budget allocation of MVR 1 billion for the scheme in the coming year, reflecting its commitment to addressing the nation’s housing challenges.

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