MVR 750 Million Equity Assistance Scheme for Housing Announced in 2025 Budget

Finance Minister Hassan Zareer announced a special equity assistance scheme of MVR 750 million in next year's budget to help Maldivians build homes on their own land or purchase new flats. The scheme provides MVR 200,000 per person, repayable within 20 years or upon sale of the property. The government has signed agreements with Bank of Maldives, Maldives Islamic Bank, Housing Development Finance Corporation, and Maldives Finance Leasing Corporation to operate the scheme. Presenting the budget to the People's Majlis, Minister Zareer acknowledged that housing is the biggest concern for Maldivians. He stated that the budget also includes MVR 3 billion for housing projects and funds to provide basic services like water and sewage to vacant lands. However, the article notes that housing budget allocations have decreased from MVR 3.26 billion in 2024 to MVR 1.6 billion in the proposed budget, the lowest in four years. President Mohamed Muizzu's promise of ensuring housing for all Maldivians during this term remains a key pledge, but the article questions the pace of practical projects.