Applications for Free Equity Housing Schemes to Open Next Month: Minister Muththalib

The Maldivian government’s “Help to Build” and “Help to Buy” schemes, which provide free equity to cover down payments for housing loans, will open for applications next month, Infrastructure, Housing and Urban Development Minister Dr. Abdulla Muththalib has announced. The schemes are part of the National Home Ownership Program, designed to remove the biggest obstacle for families seeking housing – the large upfront equity payment. Under “Help to Build”, eligible applicants with their own land can receive up to MVR 200,000 to cover the 20% equity on a loan of up to MVR 1 million. For multiple heirs building on a single plot, total aid can reach MVR 1 million. Under “Help to Buy”, the government will provide up to MVR 250,000 to help purchase affordable housing units priced at MVR 1.5 million from private developers. The grant is paid directly to the developer, reducing the buyer’s out-of-pocket deposit from MVR 300,000 to MVR 50,000. The schemes are initially limited to Male’ and inhabited islands in the atolls, excluding Hulhumale, Vilimale, Gulhifalhu and Giraavarufalhu. Future phases will extend to first-time flat buyers in the Male’ region. Minister Muththalib noted that the government has signed agreements with Bank of Maldives (BML), Maldives Islamic Bank (MIB), Housing Development Finance Corporation (HDFC) and Maldives Finance Leasing Company (MFLC) to implement the program. To prevent abuse, a strict condition applies: if the property is sold within 20 years, the entire grant must be repaid to the state. Detailed regulations will be published soon.