Over 2200 applications for Hiyavehi financing scheme

Over 2,200 people have applied for housing loans under the government’s "Hiyavehi" financing scheme, which offers low-interest loans to support home construction, renovation, and completion works.

The application deadline for the scheme closed last Saturday.

According to the Housing Ministry, a total of 2,256 applications were received by the deadline. The scheme is structured into three loan categories based on the applicant's location:

- MVR 1 million for rural areas/ all islands

- MVR 3 million for urban/ city areas

- MVR 6 million for the Greater Male’ region/ Fahimale'

The rural category saw the highest number of applicants, with 1,329 people applying. Meanwhile, 586 people applied under the urban category and 341 under the Fahimale’ category.

Implemented in collaboration with BML, HDFC, and MIB, the scheme offers favorable terms, including a repayment period of 25 years. For the MVR 1 million rural scheme, no equity contribution is required. In contrast, urban applicants need to provide 5 percent equity, while Fahimale’ applicants must contribute 10 percent.

The Hiyavehi scheme was introduced late last year as part of President Dr Mohamed Muizzu’s pledge to provide affordable housing solutions. To support the initiative, the government allocated MVR 1 billion in this year’s state budget.