The government has partnered with the Housing Development Finance Corporation (HDFC) to introduce the “Hiyaavehi Finance Scheme.” The initiative aims to provide affordable housing finance options to citizens across the Maldives.
The Housing Development Finance Corporation (HDFC) is a key financial institution in the Maldives, specializing in mortgage and housing finance solutions. Established in 2004, HDFC plays a crucial role in facilitating homeownership and development projects throughout the nation.
The agreement was signed by Dr Ali Haidar, Minister of Housing, Land and Urban Development, and Ahmed Zeenad, Managing Director of HDFC. The scheme will adhere to Islamic financing principles and offer a 5% interest rate.
The Hiyaavehi Finance Scheme offers two loan options:
- Soft loan scheme for local atolls: Provides a maximum loan amount of MVR 1,000,000.
- Greater Male’ Region and designated urban centres: Provides a maximum loan amount of MVR 3,000,000.
The government’s announcement aligns with President Dr Mohamed Muizzu’s earlier commitment to launch a loan scheme for housing initiatives. The President emphasised equitable access to the scheme, prioritising projects in densely populated areas like the Greater Male’ region.
