Friday
5th Dec 2025
Dhivehi Edition
Housing development corporation
Over 1,300 Applications Received for Rasvehinge Scheme Under Hiyaavahi Financing Program
Photo: Housing Ministry.
The Ministry of Construction, Housing and Infrastructure has announced a strong public response to the Rasvehinge Financing Scheme, part of the government’s Hiyaavahi Financing Program. According to Minister Dr. Abdullah Muttalib, a total of 1,329 applications were submitted for the Rasvehinge Scheme by the deadline.
The announcement was made during a signing ceremony with BML Islamic for loan disbursement under the Hiyaavahi Financing Program, which operates in line with Islamic Shariah principles and offers housing loans at a profit rate of 5 percent. The program is implemented through three Maldivian banks.
The Hiyaavahi Program comprises three targeted financing schemes:
-Rasvehinge Financing Scheme: Offers MVR 1 million for applicants from atolls
-Saharu Financing Scheme: Offers MVR 3 million for applicants from urban centers
-Fahimale Financing Scheme: Offers MVR 6 million for applicants from Malé
In total, the government received 1,329 applications for the Rasvehinge Scheme, 586 applications for the Saharu Scheme, and 341 applications for the Fahimale Scheme.
Minister Muttalib stated that the applications are currently under review and will be forwarded to BML once the evaluation is complete.
A total of MVR 1 billion has been allocated in the 2025 national budget for the Hiyaavahi Financing Program. President Dr. Mohamed Muizzu previously noted that while the government invested MVR 1 billion into participating banks, the banks are expected to facilitate financing of up to MVR 2 billion under this scheme.
The Hiyaavahi Program is positioned as the most affordable Shariah-compliant housing finance option available in the Maldives, aimed at increasing homeownership across the country.