Bank-Funded Rent-to-Own Scheme to Deliver 3,260 Housing Units

The Maldivian government has launched a new housing initiative in partnership with Bank of Maldives (BML) to provide 3,260 rent-to-own units, addressing the country's housing shortage through domestic financing. Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib described the scheme as an innovative model introduced by President Dr Mohamed Muizzu to secure housing for families in difficult living conditions. Minister Muththalib explained that when the current administration took office, challenges in securing foreign financing due to the country's financial situation prompted a shift towards local funding solutions. As part of this approach, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects. The newly launched initiative with BML will deliver the housing units under the government's family housing policy, offering a fixed-term rent-to-own model that does not require large upfront payments. This allows individuals to secure private housing through the bank, ensuring continuity in housing projects despite funding constraints. Calling on local financial institutions, contractors, and developers to collaborate for national development, Minister Muththalib assured that the government will continue to provide support, cooperation, and concessions. He emphasized that the administration listens to public needs and works to deliver tangible solutions, highlighting this project as a key step in providing secure housing for Maldivian families.