The Ministry of Housing has announced an exciting opportunity for Maldivian residents looking to achieve their dream of homeownership with the launch of the “Hiyaavehi” housing loan scheme, set to open for applications next month. This new program is part of President Dr. Mohamed Muizzu’s commitment to improving housing affordability and supporting residents eager to build their first home or complete an existing housing project. With a low 5% interest rate and a 25-year repayment plan, the Hiyaavehi scheme offers an accessible and long-term solution for many Maldivians.
A Program Designed for First-Time Builders
The Hiyaavehi housing loan scheme is particularly tailored to help first-time home builders and those who have already begun constructing their homes but need additional financial support to complete their projects. This initiative aligns with President Muizzu’s housing policies and promises to expand affordable housing options for Maldivian families.
The scheme includes different loan limits depending on the borrower’s location, making it accessible to residents in all areas of the Maldives:
- Malé: Up to MVR 6 million
- Urban centers: Up to MVR 3 million
- Other islands: Up to MVR 1 million
Flexible Financing Options
The launch of the Hiyaavehi scheme was marked by a Memorandum of Understanding (MoU) signed between the Ministry of Housing and the Bank of Maldives (BML), which will serve as the primary financing partner for the program. During a ceremony held at the Housing Ministry, Minister Ali Haidar Ahmed signed on behalf of the ministry, while BML’s CEO, Mohamed Shareef, represented the bank.
To ensure that the loan is widely accessible, the Housing Development Financing Corporation (HDFC) and Maldives Islamic Bank (MIB) have also joined as financing partners. Their involvement provides applicants with additional financing options, making the loan scheme adaptable to a wider range of financial needs.
Key Loan Terms: What You Need to Know
The Hiyaavehi loan scheme offers some of the most favourable terms available in the Maldives, designed to meet the long-term needs of home builders. Here’s a quick overview of what potential applicants should know:
- Interest Rate: A minimal 5% interest rate, making it affordable for most residents.
- Repayment Period: Up to 25 years, allowing borrowers to repay over a long period without heavy financial strain.
- Eligibility Requirements: Open to first-time home builders and those who have started their first home construction but require additional funds to finish the project.
Application Process and Timeline
The Housing Ministry has confirmed that the Hiyaavehi loan scheme applications will be open within a week. Given the high demand anticipated for this program, prospective applicants are encouraged to prepare their documents and complete any necessary steps ahead of the application window.
Additionally, the government has stated that the scheme is open to all Maldivian residents, ensuring equal access across all islands and regions. Those who meet the eligibility criteria can apply directly with the partner banks once the application period begins.
