Govt partners with HDFC to launch 'Hiyaavehi Finance Scheme'

Maldives government signs with Housing Development Finance Corporation (HDFC) to launch 'Hiyaavehi Finance Scheme'.

From the government's side, the agreement was signed by Minister of Housing, Land and Urban Development Dr. Ali Haidar while from HDFC, its newly appointed Managing Director Ahmed Zeenad signed.

The 'Hiyaavehi Finance Scheme', according to the ministry, will comply to Islamic principles of financing with a 5% interest rate, and is targeting nationwide customers.

The loan scheme features two different options, which are;

1. Soft loan scheme for the local Atolls - maximum loan amount of MVR 1,000,000
2. Greater Male' Region and Urban Center Areas (designated by the government) - maximum loan amount of MVR 3,000,000

Government has announced its new loan scheme not long after President Dr. Mohamed Muizzu promised to launch a soft loan scheme for housing construction endeavors of general customers.

While President Muizzu said the scheme will provide equitable opportunities for all, he added that priority would be given to projects or housing endeavors in high populace areas, such as the Greater Male' region.