The Government has extended the deadline for applications under the ‘Hiyaavahi Financing Scheme’ to April 30, 2025.

Originally set to close on April 8, the extension provides more time for individuals to apply for financial assistance to build, renovate, or complete their homes. The scheme, launched in line with President Dr Mohamed Muizzu’s commitment to affordable housing, offers low-interest Islamic loans for construction projects.

Applications for the financing can be submitted through the Hiyaavehi portal. The scheme is available in three categories: Hiyaavahi Rahvehi, where loans up to MVR 1 million are offered with no equity requirement; Hiyaavahi Saharu, providing loans up to MVR 3 million; and Hiyaavahi Furamale', where loans up to MVR 6 million are available for home construction and renovation projects.

With MVR 1 billion allocated in the national budget for the scheme, the Government aims to finance up to MVR 2 billion through local banks. The loans, which offer up to 25 years for repayment, are intended to address the housing needs of Maldivian citizens, particularly those in Atolls and Male’ City.