The Maldivian government has launched applications for small-interest housing loans through the Hiyaavehi Financing Scheme, fulfilling a key pledge by President Dr. Mohamed Muizzu. These loans aim to support individuals building new homes or completing partially constructed ones.
Key Features of the Scheme:
- Loan Categories:
- MVR 1 million for all islands.
- MVR 3 million for urban areas (cities, atoll capitals, and densely populated islands).
- MVR 6 million for Malé.
- Interest Rate: Fixed at 5%, offered in partnership with the Bank of Maldives (BML), Housing Development Corporation (HDC), and Maldives Islamic Bank (MIB).
- Repayment Period: 25 years.
- Equity Requirement:
- No equity needed for the MVR 1 million loan.
- 5% equity for urban areas.
- 10% equity for the Malé region.
Timeline and Budget:
- Application Period: Open from today until April 2025.
- Housing Allocation: The government has allocated MVR 4.8 billion for housing, with MVR 1 billion earmarked for housing loans under this scheme.
The initiative underscores the government’s commitment to addressing housing challenges and improving living standards across the Maldives. For more details or to apply, interested parties can contact the respective financial institutions.
