Government and BML Launch Rent-to-Own Scheme for 3,260 Housing Units

The government has launched a new housing initiative in partnership with Bank of Maldives (BML) to deliver 3,260 homes, pivoting to domestic financing to overcome foreign funding challenges. Construction Minister Dr. Abdulla Muththalib said the rent-to-own project is a direct result of President Dr. Mohamed Muizzu's push to finance housing through local financial institutions. The government faced difficulties securing foreign loans upon taking office due to the country's financial situation, prompting this innovative domestic approach. Under the scheme, eligible citizens can secure private housing through BML without a large upfront payment, using a fixed-term, rent-to-own model. The units will be allocated according to the government's family housing policy. To enable such projects, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing. Minister Muththalib described the BML initiative as a model ensuring the continuity of the government's housing drive, which aims to provide secure homes for people in difficult living conditions. The minister called on local banks, contractors, and developers to collaborate for national development, assuring them of continued government support, cooperation, and concessions. He stated the administration is focused on listening to the people and delivering on their needs.