Bank of Maldives (BML) is advancing a major affordable housing drive aimed at easing financial barriers for homebuyers, with CEO and Managing Director Mohamed Shareef confirming that new initiatives will significantly lower down payments and enable ownership through manageable monthly rents.
Speaking at the groundbreaking ceremony for 300 housing units in Vilimalé, Shareef said the programme aligns with the government’s ‘Housing for All’ policy, following the ratification of the National Housing Affordability and Accessibility Project in October last year. He noted the policy has provided a clear roadmap to tackle longstanding housing shortages in the Maldives.
The CEO underscored strong government backing as a critical factor behind the project’s momentum, highlighting the decision to allocate land without rent as a “visionary” step that reduces overall development costs and improves affordability for buyers.
Under the broader initiative, BML has partnered with the Ministry of Housing to deliver 3,260 housing units across the Greater Malé region by mid-2028. Construction has already begun on 1,224 units by China’s CMEC, with the Vilimalé project marking the latest phase of implementation.
Central to the programme is the introduction of a nationwide lease-to-own housing model, a first for the Maldives. The scheme is designed to eliminate steep upfront equity requirements, allowing families, particularly those on lower incomes, to transition into home ownership through structured rental payments.
“This model reduces the burden of large advance payments and creates a practical pathway for families to own homes through affordable monthly rent,” Shareef said, describing it as an inclusive solution tailored to the needs of ordinary citizens.
Beyond the flagship housing projects, BML has also expanded access to financing by cutting the minimum personal contribution for housing loans from 20 percent to 5 percent. The bank disbursed more than MVR 2.1 billion in housing finance last year alone.
In parallel, the bank, in collaboration with the Housing Ministry, has rolled out the ‘Hiyaavehi Financing’ scheme, offering loans of up to MVR 3 million at competitive rates without requiring additional collateral for home construction and renovation across the islands.
The combined measures signal an accelerated push by both the government and BML to address housing affordability, with officials positioning the programme as a cornerstone of broader social and economic development.
