President Dr. Mohamed Muizzu launched the "Hiyaavahi Finance Scheme," a new initiative providing housing loans at a five percent interest rate to support families facing financial barriers in building homes.
The official ceremony took place this morning at Dharubaaruge, where Housing Minister Dr. Ali Haider Ahmed explained that the scheme is intended for families without access to private or government-issued housing. "This finance scheme will benefit many families struggling financially," Dr. Haider stated.
The Housing Finance Scheme offers three categories of loans based on location:
1. Atolls: Loans of up to MVR 1 million for islands, issued through the Housing Development Finance Corporation (HDFC) without requiring equity.
2. Urban Centers: Loans of up to MVR 3 million through the Bank of Maldives (BML) and Maldives Islamic Bank (MIB).
3. Greater Malé Area: Loans of up to MVR 6 million for housing construction.
The scheme aims to support those ready to begin construction, assist with incomplete buildings, and facilitate housing on consolidated plots of land in urban areas.
Dr. Haider mentioned that detailed loan terms and conditions would be gazetted by the end of this week, with applications available through the Housing Portal.
Next year's budget has allocated MVR 1 billion for this initiative, making housing accessible to more families across the Maldives.
The official ceremony took place this morning at Dharubaaruge, where Housing Minister Dr. Ali Haider Ahmed explained that the scheme is intended for families without access to private or government-issued housing. "This finance scheme will benefit many families struggling financially," Dr. Haider stated.
The Housing Finance Scheme offers three categories of loans based on location:
1. Atolls: Loans of up to MVR 1 million for islands, issued through the Housing Development Finance Corporation (HDFC) without requiring equity.
2. Urban Centers: Loans of up to MVR 3 million through the Bank of Maldives (BML) and Maldives Islamic Bank (MIB).
3. Greater Malé Area: Loans of up to MVR 6 million for housing construction.
The scheme aims to support those ready to begin construction, assist with incomplete buildings, and facilitate housing on consolidated plots of land in urban areas.
Dr. Haider mentioned that detailed loan terms and conditions would be gazetted by the end of this week, with applications available through the Housing Portal.
Next year's budget has allocated MVR 1 billion for this initiative, making housing accessible to more families across the Maldives.
