In a recent address, President Dr. Mohamed Muizzu underscored his administration’s commitment to working for the people, vowing to align government initiatives with public interests. Speaking at the launch of the “Hiyaavehi Financing Program” on Tuesday, the President emphasized that his administration is dedicated to delivering sustainable housing solutions and ensuring the continuity of initiatives that address long-standing housing issues in the Maldives.
President Muizzu identified housing as one of the most urgent issues facing the country, pledging that the Hiyaavehi scheme is here to stay and will not be halted in a year’s time. He described the program as an integral part of his administration’s Dhivehinge Raajje manifesto and highlighted that it builds on his earlier promise to cap housing loan interest at 5%, making home upgrades more affordable for residents nationwide. The financing scheme, aimed at easing the housing burden, promises to help Maldivians complete or enhance their homes with greater financial security.
The President also announced that housing is a top priority in the upcoming 2025 budget, with an initial MVR 1 billion allocated to housing initiatives, set to continue over the next four years. With this commitment, he explained, the government expects to enable MVR 2 billion in housing loans annually through the Hiyaavehi Financing Program. The scheme is designed to address issues faced by homeowners who have struggled to secure financing to complete construction or improvements on their properties.
Reflecting on his long-standing promise to provide adequate housing for all, President Muizzu reiterated his dedication to the housing pledges made during citizen interactions and meetings throughout the country. He thanked key financial partners, including Housing Development Finance Corporation (HDFC), Bank of Maldives (BML), and Maldives Islamic Bank (MIB), for their support in launching the Hiyaavehi program.
