BML Signs MoU to Support Housing Loans in Maldives

The Bank of Maldives (BML) has signed a Memorandum of Understanding (MoU) with the Housing Ministry to participate in the “Hiyaavahi” soft loan scheme, aimed at easing housing challenges in the Maldives. The agreement was finalized during a ceremony attended by BML’s CEO, Mohamed Shareef, and Housing Minister Dr. Ali Haidar.

The soft loan scheme will provide loans ranging from MVR 1 million to MVR 6 million at a competitive interest rate of five percent. Specifically, the loans are structured as follows:

• Up to MVR 1 million for constructing homes on islands
• Up to MVR 3 million for homes in urban centers
• Up to MVR 6 million for residences in Male’

Borrowers will have a repayment period of 25 years. The loans are designated for both new constructions and the completion of ongoing projects. Minister Haidar emphasized that this initiative aligns with President Dr. Mohamed Muizzu’s electoral pledge to make housing more accessible.

“This scheme will greatly assist those seeking housing in the Maldives,” he remarked, highlighting the importance of affordable housing solutions.