A total of 244 applicants have received financing under the government’s Hiyaavehi housing scheme, the Ministry of Infrastructure, Housing and Urban Development has announced.
State Minister Ahmed Nazim Mohamed said 891 applicants were selected in the first phase of the programme. The ministry is now working to complete the financing process for the remaining 629 applicants, with the aim of disbursing all funds before the end of the year.
Nazim said delays were mainly caused by lengthy financing procedures and issues involving construction cost estimates and applicants requesting amounts beyond permitted limits.
The scheme offers financing through three categories, with loan amounts varying based on the applicant’s housing needs and location.
The government has allocated USD 129.7 million annually for the programme, with half coming from the government and the remainder from participating banks.
Hiyaavehi is a Sharia-compliant housing finance programme offering a 5% profit rate and repayment periods of up to 25 years.
