President Dr Mohamed Muizzu has announced that the government will examine options to provide additional financial assistance under the Hiyaavehi Financing Scheme after concerns were raised over approved loan amounts being insufficient to complete residential construction.
The President addressed the issue during the 12th episode of Rayyithunge Adu, where a participant explained that they had received MVR 650,000 through the housing programme despite the scheme allowing financing of up to MVR 1 million for applicants residing in the atolls.
The participant highlighted the financial challenges resulting from the lower approved amount, explaining that the funds were inadequate to complete the construction of their home.
Responding to the concern, President Muizzu said he had not previously been informed of similar cases and acknowledged that the situation did not align with the objectives of the housing financing initiative.
He recognised that the amount approved could leave beneficiaries unable to complete their homes, undermining the programme’s intended purpose of improving access to adequate housing.
The President said the relevant ministry would review the circumstances surrounding the financing decision, including whether the approved amount had been determined based on the applicant’s income or ability to meet repayment obligations.
He further stated that the government would consider opportunities to extend additional financing to eligible beneficiaries within the existing policies and regulations governing the Hiyaavehi Scheme.
According to the President, concerns raised by participants would be carefully assessed, with any identified shortcomings addressed through the relevant administrative procedures.
The Hiyaavehi Financing Scheme was introduced to expand access to housing finance across the Maldives, offering different financing limits depending on the applicant’s location and eligibility.
Under the Rahvehi category, individuals residing in the atolls can apply for financing of up to MVR 1 million. The Saharu category provides financing of up to MVR 3 million for applicants in designated urban centres.
Meanwhile, the Fahi Malé category offers financing of up to MVR 6 million for individual applicants in the Greater Malé Area, while eligible joint applicants may access financing of up to MVR 10 million.
The programme is intended to support households seeking to construct or complete residential properties by improving access to housing finance.
The President’s remarks indicate that the government will review concerns over financing shortfalls and assess whether additional assistance can be provided to beneficiaries whose approved amounts are insufficient to complete their homes.
