The Housing Ministry has announced that more than Rf 1.08 billion (Rf 1,084,573,557) in loans has been released to 839 people under the Hiyavaahi Finance Scheme, which offers low-interest financing for building private homes.
Under the scheme, 1,329 forms have been submitted through the special "Rashvehi" application for atoll islands, 585 forms through the special "Saharu" application for urban centres, and 341 forms through the special "Fahi Male'" application for the Greater Malé area.
Offered under Islamic finance principles at a 5 percent profit rate, with a repayment period of 25 years, the loan is available to people building a new house and to complete houses where construction work remains unfinished.
Under President Dr. Muizzu's presidential pledge, the scheme is set to release Rf 2 billion a year — Rf 1 billion from the government budget and Rf 1 billion through banks. The Housing Ministry is implementing it together with Bank of Maldives (BML), Housing Development Finance Corporation (HDFC) and Maldives Islamic Bank (MIB).
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