The Housing Ministry has released MVR 1.08 billion to 839 applicants under the Hiyaavehi financing programme.

The ministry said 891 applicants were approved for financial assistance under the first phase, with 839 receiving funds through participating banks so far.

The scheme offers three financing options: up to MVR 1 million under the island residents scheme, up to MVR 3 million under the urban scheme, and MVR 6 million to MVR 10 million under the capital Malé scheme.

The programme aims to provide MVR 2 billion in financing annually, with MVR 1 billion funded by the Government and the remainder provided through banks. The financing is offered under Islamic principles at a five per cent profit rate, with a repayment period of up to 25 years.

Bank of Maldives began disbursing financing under the scheme on 9 October last year.