The government has announced that opportunities are now open for individuals to apply for the ‘Hiyaavehi Financing’ scheme, a government initiative to support individuals and families in constructing homes on allotted land in the Male' region. President Dr. Mohamed Muizzu launched this initiative on November 5.
The Hiyaavehi Financing Programme aims to provide affordable loans for the construction of homes on vacant land, with a nominal service charge of just 5%. In line with Sharia law, applicants will be required to make a “nominal contribution,” though no equity payment will be necessary for the housing resource. The government has allocated USD64.9 million for this initiative, in next year's state budget.
Under the programme, a loan of USD64,850 will be issued for individuals applying from atolls and islands, under the "Rahvehi Financing Scheme", while loans will be issued up to USD194,552, for those applying from urban centres, under the "Saharu Financing Scheme". Additionally, loans will be issued up to USD389,105 for applicants residing in the Greater Male' Region, under the "Fahi Male' Financing Scheme".
Interested individuals can submit their applications via the Hiyaavehi portal, with a deadline of six months. Therefore, applications for the loan schemes will remain open till April 8, 2025. Additional inquiries regarding the programme can be clarified through the Hiyaavehi portal as well.
President Dr. Muizzu reiterated that the government has already begun addressing housing issues from the very first day of his administration. In accordance with the government’s manifesto, he assured that by the end of 2028, every citizen will have access to housing, ensuring that no Maldivian will be left without the opportunity to own or rent a home.