President asks for interest rate cut on loans for Hiyaa and Vinares flats

President Dr. Mohamed Muizzu said on Sunday that he has asked the national bank to lower the interest rate of loans issued to complete finishing works on Hiyaa flats and to purchase Vinares flats.

In a post on X in the afternoon, President Muizzu said that the Bank of Maldives (BML) issued 535 loans to finance finishing works on flats issued under the Hiyaa Housing Project, and to purchase flats from the Vinares towers.

He said that he engaged in discussions with the BML regarding loan concessions, given that both Hiyaa and Vinares flats fall under social and affordable housing category.

President Muizzu said he asked the BML to lower the loans issued for purchase of Vinares flats from nine percent to eight percent, and to lower the interest rate for Hiyaa flats from 12 percent to 10 percent, and to also offer a payment plan to regularize individuals who have defaulted on their loan payments.

He said that the BML has said that such concessions are possible.

“Given that the Bank of Maldives has informed that this is possible, I have asked them to proceed with this in accordance with standard protocol,” he said.

ބޭންކް އޮފް މޯލްޑިވްސް އިން
* ހިޔާ ފްލެޓްތައް ނިންމުމަށް ދޫކޮށްފައިވާ 535 ލޯނާއި،
* ވިނަރެސް ފްލެޓް ގަތުމަށް ދޫކޮށްފައިވާ 26 ލޯނަކީ،
ސޯޝަލް އަދި އެފޯޑަބަލް ހައުސިންގ މަޝްރޫޢު ތަކަށް ދޫކޮށްފައިވާ ލޯނުތަކަކަށް ވުމާއެކު، މި ލޯނު ތަކަށް ލުއި ގޮތްތަކެއް ހޯދުމަށް ބޭންކް އޮފް މޯލްޑިވްސް…

— Dr Mohamed Muizzu (@MMuizzu) November 16, 2025

The announcement comes after the government in October established an affordable housing fund under its inclusive national affordable housing scheme, which it said will enable individuals to access affordable financing from banks to purchase housing in the greater Male’ area.

All commercial banks are required to contribute 10-15 percent of their total loan and debt portfolio towards the fund.