The Government has released financing details for two key schemes—Hiyaavehi Fahimalé and Hiyaavehi Saharu—under the Hiyaavehi Financing Programme, a nationwide initiative aimed at expanding access to affordable, Shariah-compliant home construction loans.

Hiyaavehi Fahimalé targets residents of the Greater Malé region, offering financing of up to USD 3.89 million for individual applicants. Joint applications, particularly those involving land consolidation, may access up to USD 6.48 million.

Hiyaavehi Saharu, designed for residents outside Malé, provides loans of up to USD 1.95 million for home construction.

Both schemes offer a maximum repayment period of 25 years, with the tenure determined by the issuing bank based on the applicant’s age. An 18-month grace period is provided, which will not be included in the repayment term.

Applicants are required to contribute between 5 and 10 per cent in equity. A maximum of 15 per cent of the total project cost may be issued as an advance, with the remainder disbursed progressively in accordance with construction milestones. The land registry must be mortgaged to the lending bank.

Minister of Construction, Housing and Infrastructure Abdulla Muththalib stated that the response to the programme has been strong. As of the application deadline, 1,329 applications had been submitted for Hiyaavehi Rahvehi, 586 for Saharu, and 341 for Fahimalé.

Launched on November 8, 2024, the Hiyaavehi Financing Programme comprises three schemes tailored to regional needs. All are provided under Islamic financing principles, with a competitive profit rate of 5 per cent.

The Government has allocated USD 64.9 million in this year’s budget for the programme. Participating banks will match this contribution, bringing the total financing pool to USD 129.7 million.