Applications have been opened for the ‘Hiyaavehi’ housing loan scheme, offering low-interest loans to support residents in building or completing their homes.

Part of President Dr Mohamed Muizzu’s commitment to affordable housing, this initiative provides financial backing at a 5 per cent interest rate through Bank of Maldives (BML), Maldives Islamic Bank (MIB), and Housing Development Finance Corporation (HDFC).

The scheme offers flexible loan options to suit the diverse needs of Maldivians across different regions:

Atoll Islands: Loans up to MVR 1 million, with no equity requirement, disbursed via HDFC for residents building in island communities.

Urban Centres: Loans up to MVR 3 million available through BML and MIB, supporting residents in regional hubs.

Greater Malé Area: Loans up to MVR 6 million, with a unique option allowing residents to merge smaller plots (under 600 square feet) and add MVR 1 million in loan funds for each additional plot, facilitating larger residential projects.

To apply, residents can access the dedicated portal at hiyaavehi.housing.gov.mv. This programme is expected to boost the housing sector by providing affordable loans for new builds and the completion of unfinished homes, particularly addressing housing needs in Malé and other urban areas.