Applications are now open for the Hiyaavahi Financing Scheme for first time home builders.
The government of Maldives today opened up applications for small interest housing loans under the 'Hiyaavehi Financing Scheme'.
In line with President Dr. Mohamed Muizzu's presidential pledge, these loans are provided to those wanting to newly build homes, or those who have partially built but need financial assistance to complete construction on their homes.
The Hiyaavehi Financing Scheme was officially launched by the government last Tuesday, and applications are open from today until April next year.
The loans are provided in three categories:
- MVR one million scheme for all islands
- MVR three million scheme for urban areas
- MVR six million scheme for Malé area
The scheme also details which areas are categorised as urban areas. These include cities, capital islands of each atoll, and islands with large populations.
The interest for these loans, which are being issued in collaboration with Bank of Maldives (BML), Housing Development Corporation (HDC) and Maldives Islamic Bank (MIB) is at five percent.
The repayment period of these loans is 25 years.
Additional details regarding the scheme also reveals that those applying for the MVR one million category would not be required to put in any funds as equity, while the urban category requires five percent and the Malé region category requires 10 percent equity.
With a top priority for housing, the Maldivian government has allocated a total of MVR 4.8 billion for housing. Out of this, MVR one billion is specifically set aside for housing loans.
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