For years in the Maldives, owning a piece of land didn’t necessarily mean you could build a house on it. Families saved for decades, only to find bank loans far too expensive and down-payments impossibly high. Many young couples ended up renting cramped rooms or living with extended family, waiting for an opportunity that never seemed to arrive. For countless Maldivians, homeownership remained a dream just out of reach.

That reality is now starting to change. The Government’s Hiyaavehi low-interest housing loan scheme is opening doors for people across the islands to finally build homes of their own. Introduced with the support of the Ministry of Housing and Construction and offered through the Bank of Maldives, the programme provides loans at a competitive 5 per cent interest rate and allows repayment periods of up to 25 years, keeping monthly instalments affordable for ordinary families.

Hiyaavehi is designed to meet different community needs. Rahvehi is aimed at island residents and offers loans of up to MVR 1 million with no down payment required. For larger projects in towns and cities, Saharu and Fahimalé provide higher loan limits and ask for only a small equity contribution of 5–10 per cent, dramatically lower than the 20 per cent deposits that once kept many would-be homeowners out of the market.

Before this initiative, financing a home meant battling steep interest rates, strict lending criteria, and endless delays. Many families gave up, settling for rental accommodation or shared living arrangements.

Challenges remain. Rising prices for construction materials and the need for reliable transport to far-flung atolls can still slow progress. Yet the difference is already visible. Applications are being processed quickly, contractors report new foundations breaking ground across the country, and families who once thought a home was beyond reach are finally making plans to move in.

For many Maldivians, Hiyaavehi is far more than a financial product. It represents independence, stability, and the dignity of owning a space to call their own. With Hiyaavehi, the Government has given people more than just loans; it has given them the chance to build a better life on their own land.