The government has extended the application deadline for its flagship 'Hiyaavehi Financing Programme', an initiative aimed at providing affordable housing finance to citizens facing challenges in constructing their homes. Applications for the programme's three schemes may now be submitted until 31 May, replacing the previous deadline of 9 April.
The decision to extend the deadline was announced by Dr Abdulla Muththalib, Minister of Construction, Housing and Infrastructure, through a social media post. He explained that the requirement to submit detailed drawings and a Bill of Quantities (BOQ) had proven to be a time-intensive process, prompting numerous requests from prospective applicants for additional time.
Since its launch on 8 November 2024, the Hiyaavehi Financing Programme has sought to address housing needs across the country. Rooted in Islamic Shariah principles, the programme offers financing at a competitive profit rate of 5 percent. It is implemented in collaboration with three banks and is structured to cater to the diverse requirements of regional communities.
The programme's design includes three distinct schemes. For individuals residing in the outer islands, the 'Hiyaavehi Rahvehi' scheme provides financing up to USD 0.65 million. Urban residents can access the 'Hiyaavehi Saharu' scheme, which offers financing up to USD 1.95 million. In Malé, the 'Hiyaavehi Fahimalé' scheme extends financing up to USD 3.89 million. Joint applications within Malé allow for financing amounts ranging from USD 3.89 million to USD 6.48 million, accommodating multiple occupants.
To support the initiative, the government has allocated USD 64.85 million in the current fiscal year's budget. President Dr Mohamed Muizzu has underscored the significance of this investment, noting that participating banks are expected to disburse a total of USD 129.70 million in financing under the programme.
The Hiyaavehi Financing Programme aligns with President Muizzu's broader vision of ensuring housing for all Maldivian citizens. He has set an ambitious target to provide every citizen with access to a housing opportunity by the end of 2028, reaffirming his administration's commitment to addressing the nation's housing challenges.