The Ministry of Construction, Housing and Infrastructure has announced that MVR 909 million has been approved as loans under the Government’s Hiyaavehi Financing Scheme, introduced to support individuals facing housing difficulties.

The Ministry said financing is being provided in collaboration with three Maldivian banks at an Islamic financing rate of 5 per cent, with a repayment period of 25 years. According to the Ministry, 23 applicants have received approval under the first round of the scheme.

The programme consists of three financing categories. The first targets islands in the atolls, issuing housing loans of up to MVR 1 million through the Housing Development Finance Corporation (HDFC), with no equity contribution required. The second category applies to islands designated as urban centres, offering loans of up to MVR 3 million.

The third category focuses on the Malé region, allowing loans of up to MVR 6 million for housing construction, completion of unfinished buildings, or the consolidation of small plots in Malé City. Financing for urban centres and the Malé region will be processed through Bank of Maldives (BML) and Maldives Islamic Bank (MIB).

The Ministry stated that the scheme is intended to expand access to housing finance and facilitate construction and completion of residential properties in different parts of the country.