Over 1,300 Applications Received for Hiyaavehi Rahvehi Housing Loan Scheme
Land plots allocated under the previous government’s Binveriya scheme | Photo: Planning Ministry
The Ministry of Construction, Housing and Infrastructure has received more than 1,300 applications for the ‘Hiyaavehi Rahvehi’ housing loan scheme, according to Minister of Construction and Infrastructure Dr Abdulla Muththalib.
The scheme forms part of the broader Hiyaavehi Financing Programme, a nationwide initiative introduced in November 2024 to expand access to Shariah-compliant home construction loans. The programme features three loan schemes designed to meet varying housing needs across the country.
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The ‘Hiyaavehi Rahvehi’ scheme, aimed at residents of the outer islands, offers loans of up to USD 650 thousand. For urban residents, the ‘Hiyaavehi Saharu’ scheme provides access to loans of up to USD 1.95 million. Within Malé, the ‘Hiyaavehi Fahimalé’ scheme allows for financing of up to USD 3.89 million, with joint applications eligible for up to USD 6.48 million under shared ownership.
At the signing ceremony of an agreement between the ministry and the Bank of Maldives (BML) to advance the programme, Minister Muththalib said that 1,329 applications had been received for ‘Hiyaavehi Rahvehi’. He further noted that ‘Hiyaavehi Saharu’ had received 586 applications, while 341 applications had been submitted under the ‘Hiyaavehi Fahimalé’ scheme.
The minister confirmed that applications are currently being reviewed by the ministry before being forwarded to BML for evaluation, which is scheduled to begin in July. He added that while a specific timeline for loan disbursement could not be confirmed, both the ministry and BML aim to start disbursing funds as soon as possible.
