New Bank-Led Housing Initiative to Deliver 3,260 Rent-to-Own Homes

The government is launching a new housing initiative in partnership with the Bank of Maldives (BML), aiming to deliver 3,260 homes under a rent-to-own model. Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib described the program as an innovative domestic financing solution pioneered by President Dr Mohamed Muizzu. Minister Muththalib said the government's housing projects are designed to provide secure shelter for citizens facing difficult living conditions. He explained that challenges in securing foreign financing upon taking office, due to the country's financial situation, prompted a strategic shift towards local funding sources. As part of this shift, the Maldives Monetary Authority (MMA) amended regulations to require financial institutions to allocate a percentage of funds to housing projects. The new BML initiative is a direct result of these steps, ensuring the continuity of the government's housing agenda, the minister stated. The project will allocate units under the government's family housing policy. It offers citizens an opportunity to secure private housing through the bank without a large upfront payment, using a fixed-term rent-to-own model. Minister Muththalib called on local financial institutions, contractors, and developers to collaborate for national development. He assured that the administration will continue to provide support, cooperation, and concessions, emphasizing that the government listens to the people and works to deliver on their needs.