Housing Ministry and Bank of Maldives Sign Agreement to Launch 'Hiyaavehi' Housing Loan Scheme

The Ministry of Construction, Housing and Infrastructure has officially signed an agreement with the Bank of Maldives (BML) to launch the ‘Hiyaavehi Financing Program’, a key housing initiative aimed at providing affordable financial solutions for Maldivians in need of housing assistance. According to the Ministry, this program is a major step towards fulfilling President Dr. Mohamed Muizzu’s pledge to expand homeownership and resolve housing challenges across the country.

At a signing ceremony held on Sunday, Minister of Construction, Housing and Infrastructure, Dr. Abdulla Muththalib, signed on behalf of the Ministry, while Mohamed Shareef, CEO and Managing Director of Bank of Maldives, signed on behalf of the Bank.

The ‘Hiyaavehi Financing Program’ is specifically designed to offer housing loans to individuals and families facing financial constraints in securing adequate housing. Through this program, eligible applicants will be able to obtain housing loans from Bank of Maldives at a concessional profit rate of 5%.

The Ministry stated that this agreement reflects the government’s strong commitment to finding long-term solutions to the nation’s housing issues. By providing affordable financing, the program aims to empower more Maldivians to achieve their dream of home ownership, especially those who may not have access to conventional housing loans due to financial limitations.