The Maldives government has opened applications for the ‘Hiyaavehi’ housing loan scheme, offering loans at a low interest rate of 5% for residents building or completing houses.
This initiative, a key presidential pledge by President Dr Mohamed Muizzu, provides financial support through the Bank of Maldives (BML), Maldives Islamic Bank (MIB), and Housing Development Finance Corporation (HDFC).
The scheme, accessible through the dedicated portal hiyaavehi.housing.gov.mv, provides loan options in three categories:
- • Atoll Islands: Loans up to MVR 1 million with no required equity, disbursed through HDFC.
- • Urban Centres: Loans up to MVR 3 million, available through BML and MIB.
- • Greater Malé Area: Loans up to MVR 6 million, with provisions for merging small land plots for larger housing projects.
In Malé, applicants can merge two or more plots under 600 square feet, adding MVR 1 million per additional plot. This flexible scheme aims to support new construction, completion of partially built homes, and the development of larger residential projects by combining small plots, addressing the growing housing needs in the Maldives.
