The Hiyavahi Financing Scheme, which provides housing loans at less than five percent interest rate, has allocated loans of MVR 3 million to only 29 islands including Addu city.
According to the rules published in the government gazette, the areas which are not included in the loan category are Kaafu, Alif Alif and Thaa atolls. Gaaf Dhaal Thinadhoo island was also listed as it is considered a city.
Islands eligible under the MVR 3 million loan category
- Haa Alif Hoarafushi
- Haa Alif Dhidhdhoo
- Haa Dhaal Kulhudhuffushi city
- Haa Dhaal Hanimaadhoo
- Haa Dhaal Nolhivaranfaru
- Haa Dhaal Nolhivaram
- Shaviyani Funadhoo
- Noonu Maafaru
- Raa Ungoofaaru
- Raa Alifushi
- Raa Dhuvaafaru
- Baa Thulhaadhoo
- Baa Eydhafushi
- Lhaviyani Naifaru
- Lhaviyani Hinnavaru
- Alif Dhaal Mahibadhoo
- Alif Dhaal Maamigili
- Faafu Nilandhoo
- Dhaal Kudahuvadhoo
- Laamu Gan
- Laamu Fonadhoo
- Gaaf Alif Villingili
- Gaaf Dhaal Thinadhoo city
- Fuvahmulah city
- Addu city (Feydhoo, Hithadhoo, Maradhoo and Maradhoo-Feydhoo)
President Dr. Mohamed Muizzu has launched the Hiyavahi financing scheme on November 8.
The scheme 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.
The scheme is open to the entire country and is 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
Between MVR 2 billion and MVR 5 billion has been included in the proposed state budget for next year to issue loans under the scheme.
According to the government, applications for the loan scheme can be submitted through the Hiyavahi portal.
