Hiyaavehi Housing Scheme Hits MVR 909 Million in Approved Loans: Ministry

The Ministry of Construction, Housing, and Infrastructure has announced that housing loans worth MVR 909 million have been approved under the Hiyaavehi Finance Scheme. The funding, facilitated through the Bank of Maldives (BML), offers housing construction loans at a five percent interest rate with low-equity terms. Key features of the scheme include a repayment period of up to 25 years with an 18-month grace period, 20 percent equity contribution (which can be arranged through government support), and no mortgage requirement beyond the building site. Applicants can check the status of their applications via the Gedhoruverin Portal. President Dr. Mohamed Muizzu has pledged an annual allocation of MVR 1 billion for the Hiyaavehi scheme, ensuring housing access for individuals aged 18 and above.