Bank of Maldives (BML) has started granting approvals for projects under the Government-subsidised Hiyaavehi Financing Scheme. The initiative, which offers home construction loans at a 5 per cent interest rate, includes a 25-year repayment period with an 18-month grace period and requires 20 per cent equity that may be contributed by either the customer or the Government. BML said over 1,400 applications are currently under review, with the bank aiming to process them swiftly. Chief Executive Officer and Managing Director Mohamed Shareef noted that supporting the scheme reflects the bank’s role in helping Maldivian families achieve homeownership while contributing to national development.