The Government has launched the "Hiyaavahi Finance Scheme," a new initiative designed to provide affordable housing through soft loans, fulfilling a promise by President Dr Mohamed Muizzu.

The scheme was inaugurated at the Islamic Centre, highlighting the government's commitment to resolving the housing crisis faced by many citizens.

President Dr Muizzu outlined housing as a top priority for his administration and revealed that the upcoming fiscal budget allocates MVR 1 billion for the scheme and an additional MVR 1.5 billion for social housing projects. The Hiyaavahi Finance Scheme will offer tiered loan caps of up to MVR 1 million for atoll islands, MVR 3 million for urban centres, and MVR 6 million for residents of Malé, with local banks expected to provide loans of up to MVR 2 billion.

This initiative aims to help those without land build homes, finish constructions, and undertake repairs. Loans will be available starting this week, with disbursements commencing next year. Housing Minister Ali Haider Ahmed noted that the scheme will significantly ease financial strain on families and includes a 5% service charge, with no equity required from borrowers. The scheme represents a vital step towards providing affordable housing solutions across the Maldives.