Housing loans worth a total of MVR 909 million have been approved under the Hiyaavehi Finance Scheme, according to the Ministry of Construction, Housing and Infrastructure.
In a post shared on social media, the ministry said the amount was cleared under the Hiyaavehi facility offered through the Bank of Maldives (BML), which provides housing construction loans at a five percent interest rate and on low-equity terms.
Key features of the Hiyaavehi scheme include:
-
Repayment period: Up to 25 years, including an 18‑month grace period
-
Equity: 20 percent, which can be contributed by the borrower or arranged through government support
-
Security: No mortgage required beyond the building site
Those who have applied for Hiyaavehi financing can check the status of their applications through the Gedhoruverin Portal.
President Dr. Mohamed Muizzu has previously said MVR 1 billion will be allocated annually for the Hiyaavehi scheme, reiterating his pledge to ensure housing access for everyone over the age of 18.