Bank of Maldives (BML) has commenced approval for projects under the government’s Hiyaavehi Financing Scheme, which aims to improve access to home construction financing for Maldivian families.
The government-subsidized scheme offers the lowest market rate of 5% per annum, with several key benefits including a 25-year repayment period, an 18-month grace period, and a 20% equity requirement — which can be met by either the customer or the government. The property under construction will serve as the sole collateral.
BML’s CEO and Managing Director, Mohamed Shareef, stated that as the national bank, BML has a duty to support citizen-focused initiatives like the Hiyaavehi Scheme. “Our progress is intrinsically linked to the nation's progress and the health of the Maldivian economy,” he said.
The bank is currently reviewing over 1,400 applications and has pledged to complete the process efficiently. Applicants can track their application status through the website.
The government-subsidized scheme offers the lowest market rate of 5% per annum, with several key benefits including a 25-year repayment period, an 18-month grace period, and a 20% equity requirement — which can be met by either the customer or the government. The property under construction will serve as the sole collateral.
BML’s CEO and Managing Director, Mohamed Shareef, stated that as the national bank, BML has a duty to support citizen-focused initiatives like the Hiyaavehi Scheme. “Our progress is intrinsically linked to the nation's progress and the health of the Maldivian economy,” he said.
The bank is currently reviewing over 1,400 applications and has pledged to complete the process efficiently. Applicants can track their application status through the website.
