The Ministry of Construction, Housing and Infrastructure has announced that MVR 909 million has been approved as housing loans under the government’s Hiyaavehi Financing Scheme, a programme introduced to assist individuals facing housing challenges across the Maldives.
According to the ministry, financing under the scheme is being provided in collaboration with three local banks at an Islamic financing rate of five percent, with a repayment period extending up to 25 years. In the first round of approvals, 23 applicants have successfully secured financing.
The Hiyaavehi scheme is structured around three financing categories, designed to address housing needs in different regions of the country. The first category focuses on islands in the atolls, offering housing loans of up to MVR 1 million through the Housing Development Finance Corporation. Applicants under this category are not required to provide any equity contribution.
The second category applies to islands designated as urban centres, where eligible applicants can access financing of up to MVR 3 million to support housing construction or improvement.
The third category targets the Malé region, allowing loans of up to MVR 6 million for housing construction, completion of unfinished buildings, or the consolidation of smaller plots within Malé City. Financing for both urban centres and the Malé region is being processed through Bank of Maldives and Maldives Islamic Bank.
The ministry said the Hiyaavehi Financing Scheme is aimed at expanding access to affordable housing finance and accelerating residential construction and completion across the country. Officials added that the programme forms part of broader government efforts to address housing shortages and improve living conditions nationwide.
