The Ministry of Housing has officially opened applications for the New Housing Financial Scheme (Hiyaavahi Finance Scheme), a key initiative by President Dr. Mohamed Muizzu that offers soft loans for housing construction at a 5% interest rate. This scheme is designed to provide financial assistance to Maldivians who lack private or state-issued housing, with a budget allocation of MVR 1 billion for 2025.
The scheme categorizes loans based on location to meet diverse housing needs across the Maldives:
1. Atolls: Loans of up to MVR 1 million are available for construction on islands within the atolls. These loans, provided through the Housing Development Finance Corporation (HDFC), do not require equity.
2. Urban Centers: Loans of up to MVR 3 million are available for urban housing, issued through the Bank of Maldives (BML) and Maldives Islamic Bank (MIB).
3. Greater Malé Area: Loans of up to MVR 6 million are available for housing construction within the Greater Malé region.
The New Housing Financial Scheme supports various housing needs, including new constructions, the completion of partially built homes, and housing on consolidated plots in urban areas. Applications can be submitted through the Ministry’s Housing Portal on its official website, with loans set to help individuals ready to begin construction or complete existing projects.
Loans under this scheme aim to improve housing accessibility for eligible citizens, aligning with the government’s commitment to address pressing housing challenges across the nation.
The scheme categorizes loans based on location to meet diverse housing needs across the Maldives:
1. Atolls: Loans of up to MVR 1 million are available for construction on islands within the atolls. These loans, provided through the Housing Development Finance Corporation (HDFC), do not require equity.
2. Urban Centers: Loans of up to MVR 3 million are available for urban housing, issued through the Bank of Maldives (BML) and Maldives Islamic Bank (MIB).
3. Greater Malé Area: Loans of up to MVR 6 million are available for housing construction within the Greater Malé region.
The New Housing Financial Scheme supports various housing needs, including new constructions, the completion of partially built homes, and housing on consolidated plots in urban areas. Applications can be submitted through the Ministry’s Housing Portal on its official website, with loans set to help individuals ready to begin construction or complete existing projects.
Loans under this scheme aim to improve housing accessibility for eligible citizens, aligning with the government’s commitment to address pressing housing challenges across the nation.
