The work for Hiyaavehi Finance Scheme has been handed over to HDFC

27 March 2024

The Ministry has signed a Memorandum of Understanding (MOU) with the Housing Development Finance Corporation (HDFC) to facilitate loans for housing development.
The agreement was signed by Minister Dr. Ali Haider on behalf of the Ministry and by HDFC Managing Director Ahmed Ziyad.
The scheme adheres to Islamic finance standards and is available nationwide. Under this scheme, housing loans will be issued with a 5% profit or interest rate.
The loans under the Hiyaavehi Finance Scheme are divided into two types: one for rural areas in the provinces, and another for the Greater Malé area and designated urban centers.
The maximum loan amount available for house construction is MVR 1 million in rural areas and MVR 3 million in the Malé area and other urban centers.
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