BML begins approval for Hiyaavehi scheme housing projects

The government-subsidised Hiyaavehi Financing Scheme, designed to enhance access to home construction financing, offers the lowest financing rate in the market at 5% per annum and offers a range of benefits.

BML

BML

The Bank of Maldives (BML) begins approval for projects under the Hiyaavehi Financing Scheme. The government-subsidised Hiyaavehi Financing Scheme, designed to enhance access to home construction financing, offers the lowest financing rate in the market at 5% per annum and offers a range of benefits, including: 

  •  An extended repayment tenor of 25 years with an 18-month grace period 
  •  A requirement of 20% equity, which can be contributed by the customer or the government 
  •  The property under construction serves as the sole collateral 
As the national bank, BML has a responsibility to support citizen-focused programs such as the Hiyaavehi Scheme, which aligns with our commitment to supporting Maldivian families in achieving their dream of homeownership. The Bank's progress is intrinsically linked to the nation's progress and the health of the Maldivian economy, making participation in such key national initiatives a core part of our mission.
Mohamed Shareef, CEO and Managing Director of BML

The Bank is presently reviewing more than 1,400 applications and is committed to finalizing the processing in a timely manner. Applicants may track the status of their applications by visiting https://gedhoruverin.gov.mv/

More from MFR