Over 2,200 people have applied for loans under the Government’s Hiyaavahi financing scheme, according to the Minister of Housing, Construction and Infrastructure, Dr Abdulla Muththalib.

Speaking at a signing ceremony between the Ministry and BML Islamic to facilitate the loan process, the Minister detailed the number of applications received under each scheme. He said 1,329 applications had been submitted for the Rahvehi Scheme, which is designed for small islands; 586 for the Saharu Scheme, aimed at urban centres; and 341 for the Fahi Malé Scheme, which targets the Greater Malé Region. Applications for all three schemes closed on May 31, 2025.

Underlining the next steps in the process, Minister Dr Muththalib said the Ministry is currently reviewing the proposals submitted and will hand them over to the Bank of Maldives (BML) once that work is complete. He said BML is expected to begin evaluating the applications in July, though the exact timeline for issuing loans has yet to be confirmed. The Minister added that both the Ministry and the bank aim to expedite the process and begin disbursements as soon as possible.

The Government has committed MVR 1 billion from the state budget to support the Hiyaavahi financing scheme. Through this arrangement, banks are expected to extend financing of up to MVR 2 billion.