President Muizzu Fulfills Housing Promise with Launch of 'HiyaaVehi Finance Scheme'

President Mohamed Muizzu has delivered on a major campaign promise with the introduction of the HiyaaVehi Finance Scheme, aimed at providing affordable loans for housing construction and repairs. Designed to ease the financial burden of home-building, the scheme offers loans at an interest rate not exceeding 5% and is set to benefit thousands across the Maldives struggling with housing needs. Loans under the scheme will be issued through the Housing Development Finance Corporation (HDFC), Bank of Maldives (BML), and Maldives Islamic Bank (MIB).

At the official launch, Ministry of Housing and Urban Development, Dr. Ali Haider Ahmed, emphasized the importance of the scheme in fulfilling President Dr Muizzu’s vision for accessible housing. “The HiyaaVehi Finance Scheme is crafted to provide financial relief for families in need of adequate housing. With a low service charge of 5%, we aim to support homeless families across the country,” Dr. Haider stated.

The HiyaaVehi Finance Scheme features three tiers to cater to varying financial needs: a MVR 1 million loan for Islands, MVR 3 million for certain urban areas, and up to MVR 6 million for Greater Male’ area. The loan program includes an additional benefit for applicants who combine smaller plots of land—any combination of plots under 600 square feet will qualify for an additional MVR 1 million per plot.

Significantly, the scheme does not require borrowers to pay equity; however, a nominal contribution, in compliance with Sharia principles, will be required. The Ministry of Housing will base loan amounts on official prices to ensure affordability and uniformity. Loans for city centers will be handled by BML and MIB, while HDFC will issue loans in Islands. All applications will be processed through the Ministry’s newly established HiyaaVehi Portal, with applications opening tomorrow and funds scheduled for disbursement starting next year.

This initiative aligns with President Muizzu's broader policy agenda to improve housing accessibility and ease the financial pressures associated with home construction in the Maldives.