BML approves low-interest Hiyaavehi housing loans: 1,400 applications in process

Bank of Maldives (BML) has begun approving loans under the government-subsidized Hiyaavehi housing loan scheme, which offers financing at a five percent interest rate for individuals seeking to build new homes or complete existing ones.

The Hiyaavehi scheme is designed to provide the lowest housing loan rate in the Maldives. Key features include:

• A loan repayment period of 25 years, including an 18-month grace period  
• 20 percent equity, which can be provided by the customer or through government support  
• No mortgage required except for the building site

BML CEO and Managing Director Mohamed Shareef said the bank, as the largest and national bank in the Maldives, is deeply connected to the lives of every citizen. He emphasized BML’s responsibility to support projects that benefit the public, stating that the bank’s growth is intrinsically linked to the growth of the Maldivian economy.

“With the introduction of the Hiyaavehi Financing Scheme, we decided that the national bank should support this,” Shareef said, adding that BML has consistently contributed to major national initiatives.

BML is currently processing over 1,400 applications under the scheme. Applicants can check their application status via the government portal.

To mark the approval of the loans, the Housing Ministry held a special ceremony where Housing Minister Dr Abdullah Muthalib handed over certificates of fund receipt to some of the beneficiaries. The ministry confirmed that 23 applications have been approved so far, with 15 recipients receiving their documents on Thursday.

President Dr Mohamed Muizzu previously announced that MVR 1 billion will be allocated annually for the Hiyaavehi scheme, reaffirming his pledge to ensure housing for all citizens aged 18 and above.