Bank-Funded Housing Initiative to Deliver 3,260 Units Under Rent-to-Own Model

The government is launching a major housing project financed through domestic banks, aiming to deliver 3,260 new units. Construction Minister Dr. Abdulla Muththalib described the initiative with the Bank of Maldives (BML) as an innovative, locally-funded solution to provide secure housing for citizens in difficult living conditions. Minister Muththalib explained that challenges in securing foreign financing after the administration took office prompted a strategic shift towards domestic funding. As part of this new approach, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds specifically for housing projects. The newly launched initiative will see the housing units allocated under the government's family housing policy. A key feature of the project is a rent-to-own model, which allows eligible individuals to secure private housing through the bank without requiring a large upfront payment, using a fixed-term agreement. The minister framed this bank-supported model as a solution introduced by President Dr. Mohamed Muizzu to ensure the continuity of critical housing projects. He called on local financial institutions, contractors, and developers to collaborate for national development, assuring them of continued government support, cooperation, and concessions. Muththalib emphasized that the current administration is focused on listening to the people and delivering on their essential needs.