The Ministry of Construction, Housing and Infrastructure has approved more than USD 64.7 million under the government’s Hiyaavehi Financing Scheme.
Applications for housing finance under the Hiyaavehi programme were opened earlier last year, with loans being disbursed to recipients since December.
The Hiyaavehi Financing Scheme is a government initiative aimed at providing financial assistance to individuals seeking housing in both Malé and the atolls. The programme is implemented in collaboration with three banks in the Maldives, offering loans at an interest rate of 5 per cent with a repayment period of 25 years.
State Minister for Construction, Housing and Infrastructure Ahmed Nazim Mohamed said that loans exceeding USD 64.7 million have so far been approved for 820 beneficiaries, adding that the figure is expected to increase in the coming period.
He noted that concessional loans have been introduced to support individuals in constructing homes on land they already own. The government is also formulating various housing schemes in the Greater Malé area to provide solutions tailored to different needs.
In addition to financing support, the government is implementing a number of housing projects across the atolls. The state minister said several projects are scheduled for completion by mid-2028, after which housing units will be handed over to eligible recipients. These include the development of 800 housing units across various islands under Bank of Maldives (BML) financing. He added that some planned projects in the islands have already commenced.
The Hiyaavehi programme consists of three schemes. The first targets island communities and provides up to USD 64,000 in financing through the Housing Development Finance Corporation, with no equity requirement. The second scheme is designed for islands designated as urban centres, offering financial assistance of up to USD 194,000.
The third scheme focuses on providing loans of up to USD 388,000. It is intended for individuals who have not yet built homes, those with incomplete structures, as well as for land consolidation in Greater Malé area and urban centres. Financing under the urban centre and Malé schemes is facilitated through BML and Maldives Islamic Bank (MIB).
Housing is recognised as a fundamental right under the Constitution of the Maldives, and ensuring access to adequate housing remains a key policy priority of President Dr Mohamed Muizzu’s administration.