The aim is to ensure that no one in the country has unresolved housing problems by the end of this term, President Dr. Mohamed Muizzu declared today, as he expressed confidence in achieving the goal.
Speaking at the launch of the Hiyavahi Finance Scheme, which provides housing loans at less than five percent interest rate, the President said the scheme would help solve the housing problem in the Maldives.
"Hopefully, this will lead to perfect outcomes in finding a permanent solution to the housing problem in the Maldives. I want to see that by the end of this term, by 2028, as I pledged, no one will be left without access to housing in the Maldives," he said.
The scheme launched today provides loans at an interest rate of five percent with repayment over 25 years and loans will be issued for the first house built by each person.
President Muizzu said the scheme will enable thousands of people to build and live in their homes with satisfaction.
The scheme is open to the entire country and will be divided into three categories. The loan amount under each category varies along with the repayment amount.
Hiyavahi Rahvehi (For all the islands)
- Maximum amount MVR 1 million
- No equity needed
- As a nominal contribution, the price of privatization of land will be charged in accordance with the official prices published by the Ministry
Hiyavahi Saharu (For urban centers)
- Maximum amount MVR 3 million
- Five percent equity
- The total amount allocated should be sufficient to complete the project
Hiyavahi Furamale' (For Greater Male' Region)
- Maximum amount MVR 6 million
- Ten percent equity
- Priority will be given to those who propose to build by combining smaller plots of land
- Land plots smaller than 600 square feet can be combined
- MVR 1 million will be added for each combined plot in addition to MVR 6 million, but the maximum amount is MVR 10 million
Speaking at today’s ceremony, President Muizzu said that next year’s budget includes MVR 1 billion for loans under the Hiyavahi Finance Scheme. The budgets for the next four years will also include MVR 1 billion each year, he added.
"I want to prioritize the government's priorities in this order, housing at the top, there is no question on this policy. I have always promised during the campaign to solve major national issues, independence related national issues first, apart from that, our biggest priority is housing issues. That is how we are going," the President said.
Housing Minister Dr. Ali Haidar said the terms, conditions and further details of the scheme will be announced before the end of this week and applications can be submitted through the Hiyavahi portal.
