The administration has moved to ease the financial burden on hundreds of Maldivian families as President Dr Mohamed Muizzu confirmed that he has formally requested Bank of Maldives to introduce relief measures for loans issued under major social housing schemes.
In a detailed announcement on social media, the President highlighted that 535 finishing loans for Hiyaa flats and 26 purchase loans for Vinares flats fall under the category of social and affordable housing. He stated that the government has held direct discussions with the bank to secure fairer terms for residents facing mounting repayment pressures.
According to the update, BML has indicated readiness to implement significant adjustments. For Hiyaa finishing loans, the bank is prepared to lower the profit rate from 12 percent to 10 percent. In addition, a structured repayment plan will be made available to borrowers who have defaulted due to financial difficulty, allowing them to regularize their accounts without punitive escalation.
For Vinares purchase loans, BML has agreed in principle to bring down the profit rate from 9 percent to 8 percent, easing long term financial commitments for families who recently moved into the towers.
President Muizzu noted that he has urged the bank to roll out these measures within their policy framework, signalling the administration’s continued push to make urban housing more affordable while supporting citizens striving to meet essential loan obligations.
The announcement marks one of the strongest interventions in the housing finance sector this year, reflecting the government’s broader drive to remove barriers for ordinary families seeking stability in the Greater Male region.
