The Bank of Maldives (BML) has commenced approval for housing projects under the Hiyaavehi Financing Scheme, a government-subsidized initiative aimed at improving access to affordable home construction financing for Maldivian families.
The Hiyaavehi Scheme offers the lowest financing rate in the country — 5% per annum — and is designed to make homeownership more attainable through several key benefits. These include a repayment period of up to 25 years, an 18-month grace period, and a 20% equity requirement, which can be contributed either by the customer or the government.
Under the scheme, the property under construction will serve as the sole collateral, easing the burden for families seeking housing loans.
Speaking about the initiative, BML CEO and Managing Director Mohamed Shareef emphasized the bank’s commitment to supporting citizen-focused national programs.
“As the national bank, BML has a responsibility to support citizen-focused programs such as the Hiyaavehi Scheme, which aligns with our commitment to helping Maldivian families achieve their dream of homeownership. The Bank’s progress is intrinsically linked to the nation’s progress and the health of the Maldivian economy, making participation in such key national initiatives a core part of our mission,” said Shareef.
According to the Bank, more than 1,400 applications are currently under review, and BML has pledged to complete the processing in a timely manner.
Applicants can track the progress of their applications through the government portal gedhoruverin.gov.mv.
The Hiyaavehi Financing Scheme forms part of the government’s broader effort to enhance housing accessibility and improve living standards across the Maldives, ensuring that more families are able to build and own homes under favorable financial conditions.
