President Directs BML to Ease Housing Loans for Hiya And Vinares Flat Owners
Aerial photo of Hiya Flats in Hulhumale, Phase 2 | Photo: MV+
President Dr Mohamed Muizzu has instructed the Bank of Maldives (BML) to make housing loans more accessible for beneficiaries of Hiya Flats and Vinares Flats.
In a post on X, the President noted that, as both housing projects fall under the Social and Affordable Housing Plan, his administration reviewed measures to ease loan repayments for beneficiaries.
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Following these discussions, BML agreed to reduce interest rates on loans for 535 Hiya Flat recipients from 12 percent to 10 percent, covering financing for finishing and interior work. Loans for 26 Vinares Flat owners to purchase their flats will see interest rates reduced from nine percent to eight percent.
ބޭންކް އޮފް މޯލްޑިވްސް އިން
* ހިޔާ ފްލެޓްތައް ނިންމުމަށް ދޫކޮށްފައިވާ 535 ލޯނާއި،
* ވިނަރެސް ފްލެޓް ގަތުމަށް ދޫކޮށްފައިވާ 26 ލޯނަކީ،
ސޯޝަލް އަދި އެފޯޑަބަލް ހައުސިންގ މަޝްރޫޢު ތަކަށް ދޫކޮށްފައިވާ ލޯނުތަކަކަށް ވުމާއެކު، މި ލޯނު ތަކަށް ލުއި ގޮތްތަކެއް ހޯދުމަށް ބޭންކް އޮފް މޯލްޑިވްސް…— Dr Mohamed Muizzu (@MMuizzu) November 16, 2025
President Muizzu added that Hiya Flat owners who have defaulted on repayments will be provided with a structured repayment plan and have their loans regularised.
He confirmed that BML will implement the changes in line with its existing policies.
The Hiya Flats were handed over to recipients in July 2021, while the Vinares Flats were delivered in July 2023.
