President Dr. Mohamed Muizzu has introduced a new five percent Hiyaavahi Loan Scheme, emphasizing that it will yield better results than traditional home construction. The President made these remarks during the launch of the Housing Financing Program today.
Highlighting the government’s commitment to addressing the housing crisis, President Muizzu stated that finding a permanent solution to housing issues is a top priority. “Today marks the beginning of a program aimed at resolving the significant housing challenges faced by the people of Maldives,” he noted.
The Hiyaavahi Financing Program is designed to maintain interest rates at no more than five percent, ensuring that all citizens can transform their own land into livable homes. “The results of this scheme will surpass those of the government building houses. It will assist many people and foster self-determination through government housing projects and loan schemes,” he added.
In the budget for 2025, the government has allocated MVR 1 billion for this initiative, with plans to sustain this funding in the upcoming four-year budget. This approach will enable the disbursement of MVR 2 billion annually, facilitating the construction of homes for those in need.
President Muizzu's aim is to alleviate the struggles of individuals who own land but lack the financial means to build homes, as well as those who have had to halt construction or repair collapsed buildings. He expressed a vision for a future where everyone in Maldives has access to housing.
Additionally, the President expressed his commitment to fulfilling promises made in response to public concerns regarding housing. He extended gratitude to the Housing Development Finance Corporation (HDFC), Bank of Maldives (BML), and Maldives Islamic Bank (MIB) for their collaboration with the government on this initiative.
This housing loan initiative was first announced during this year’s Independence Day celebrations, reflecting the government's proactive approach to tackling the housing crisis in the country.
Highlighting the government’s commitment to addressing the housing crisis, President Muizzu stated that finding a permanent solution to housing issues is a top priority. “Today marks the beginning of a program aimed at resolving the significant housing challenges faced by the people of Maldives,” he noted.
The Hiyaavahi Financing Program is designed to maintain interest rates at no more than five percent, ensuring that all citizens can transform their own land into livable homes. “The results of this scheme will surpass those of the government building houses. It will assist many people and foster self-determination through government housing projects and loan schemes,” he added.
In the budget for 2025, the government has allocated MVR 1 billion for this initiative, with plans to sustain this funding in the upcoming four-year budget. This approach will enable the disbursement of MVR 2 billion annually, facilitating the construction of homes for those in need.
President Muizzu's aim is to alleviate the struggles of individuals who own land but lack the financial means to build homes, as well as those who have had to halt construction or repair collapsed buildings. He expressed a vision for a future where everyone in Maldives has access to housing.
Additionally, the President expressed his commitment to fulfilling promises made in response to public concerns regarding housing. He extended gratitude to the Housing Development Finance Corporation (HDFC), Bank of Maldives (BML), and Maldives Islamic Bank (MIB) for their collaboration with the government on this initiative.
This housing loan initiative was first announced during this year’s Independence Day celebrations, reflecting the government's proactive approach to tackling the housing crisis in the country.
