The Minister of Housing, Land and Urban Development, Dr Ali Haidar Ahmed has announced that the loan disbursement process for the Hiyaavehi Financing Programme will commence within three months following the application deadline.

Hiyaavehi Financing Programme is a Government initiative aimed at assisting individuals in building homes. Applications for the scheme were opened in November through the Hiyaavehi portal.

The Government has provided a six-month window for applicants to submit their forms. The deadline for submitting applications is 8 April 2025, at 23:59.

In a recent update on the Programme, Minister Dr. Ali Haidar stated that loans will be distributed within three months of completing the evaluation process, which will begin once the application forms are received. The process will involve collaboration with the Maldives Islamic Bank, Bank of Maldives, and the Housing Development Finance Corporation (HFDC)

The Hiyaavehi Financing Scheme offers loans in three categories: Loan scheme for Islands provides up to MVR 1 million through HDFC, with no equity requirement. The loan scheme for Urban Centres offers up to MVR 3 million. The Greater Malé Area scheme offers up to MVR 6 million. Applicants combining multiple plots in Malé can receive an additional MVR 1 million per plot.

The State budget for next year has allocated MVR 1 billion to support the Hiyaavehi Financing Programme. While the Government has invested this amount, President Dr Mohamed Muizzu has announced that banks will contribute up to MVR 2 billion in total when issuing loans. The Programme is designed with a repayment term of 25 years.