The deadline for applying to the “Hiyaavehi Finance Scheme,” which provides assistance for building and renovating homes at a low interest rate, has been extended. The Ministry of National Planning, Housing and Infrastructure announced that the deadline for submitting applications for the Islamic facility under the “Hiyaavehi Financing Program” for home construction has been changed. Accordingly, the ministry stated that the period for submitting forms through the “Hiyaavehi Portal” for financing facilities has been extended until Wednesday, April 30, at 11:59 PM.
The “Hiyaavehi Finance Scheme” includes three categories, covering all islands with a 1 million rufiyaa loan scheme, a 6 million rufiyaa loan for the Male’ area, and a 3 million rufiyaa loan for urban areas. For the Hiyaavehi Rasveshi facility, no equity payment is required. However, to comply with Sharia principles, a “nominal contribution” must be paid.
Under the special scheme for the atolls, loans up to 1 million rufiyaa will be available through HDFC, with no equity payment required. For Male’, loans up to 6 million rufiyaa will be provided. Under this scheme, applicants combining two or more plots smaller than 600 square feet will have the opportunity to increase their loan amount by 1 million rufiyaa for each additional plot.
Loans for urban centers and Male’ will be disbursed by Bank of Maldives (BML) and Maldives Islamic Bank. HDFC will provide loans for other islands in the atolls.
