Maldives Approves USD 59 Million in Loans Under Flagship Housing Scheme

The Maldives government has approved over USD 58 million in housing loans under its flagship ‘Hiyaavahi’ Housing Finance Scheme, aimed at improving access to affordable housing across the nation. The initiative, launched as part of President Dr Mohamed Muizzu’s key policies, offers low-interest financing at 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 scheme includes three targeted programs: one providing up to USD 64,850 for rural housing without equity, another offering up to USD 194,552 for urban islands, and a third granting loans of up to USD 389,105 for housing development in Male’. So far, 23 applicants have benefited from the scheme’s first disbursement round. The initiative reinforces the constitutional guarantee of adequate housing and highlights the government’s commitment to addressing housing challenges nationwide.