Over USD 58 million in housing loans has been approved for disbursement under the government’s flagship ‘Hiyaavahi’ Housing Finance Scheme, aimed at improving access to affordable housing across the Maldives, the Ministry of Construction, Housing and Infrastructure has revealed.
Launched as part of President Dr Mohamed Muizzu’s key policy initiatives, the scheme supports citizens in constructing homes on private land through low-interest financing of five percent with a 25-year repayment period.
Implemented in collaboration with the Housing Development Finance Corporation (HDFC), Bank of Maldives (BML), and Maldives Islamic Bank (MIB), the programme includes three targeted schemes—one offering up to USD 64,850 for rural housing without requiring equity; another providing up to USD 194,552 for designated urban islands; and a third enabling loans of up to USD 389,105 for housing development in Male’, particularly for small plots and unfinished constructions.
In its first disbursement round, the scheme has already benefited 23 applicants.
The initiative reinforces the constitutional guarantee of adequate housing and underscores the government’s commitment to addressing housing challenges nationwide.