President Dr Mohamed Muizzu has announced that Bank of Maldives (BML) has been instructed to ease the conditions of the Hiyaavehi Financing Programme, following concerns raised by residents over difficulties in securing housing loans this year.

Speaking at a meeting with Maafannu residents at Thaajuddeen School, the President said the government aims to provide further relief when the second round of the scheme opens next year. He did not disclose additional details but noted that the programme remains a key policy initiative to support those facing financial hardship.

The Hiyaavehi scheme offers Islamic-compliant housing loans at a 5% interest rate and is divided into three categories: Fahimalé, Saharu, and Rahvehi Scheme.

Fahimalé Scheme

  • Loans up to MVR 6 million, or MVR 10 million for applicants consolidating small plots under 600 sq ft.
  • Repayment period up to 25 years, with terms based on applicant age.
  • 18-month grace period.
  • Equity contribution of 5–10%.
  • Up to 15% available as advance payment; remainder disbursed progressively.

Sahar Scheme

  • Loans up to MVR 3 million.
  • Repayment period up to 25 years.
  • 18-month grace period.
  • 5–10% equity contribution required.
  • Up to 15% issued as advance; rest on progressive basis.

Rahvehi Scheme

  • Loans up to MVR 1 million.
  • Repayment period up to 25 years.
  • 18-month grace period.
  • No equity contribution and no need to register land with the bank.
  • Up to 15% advance payment; rest released progressively.

The President reaffirmed the government’s commitment to expanding accessible and affordable housing solutions for Maldivians.