The Housing Development Corporation (HDC) has begun sharing rent payment information of residents in government-run social housing flats with the Maldives Monetary Authority’s (MMA) Credit Information System, potentially impacting credit access for defaulters.
HDC, which officially joined the credit system in March this year, said it has since been regularly updating tenant data to enhance operational efficiency, strengthen financial sustainability, and improve service delivery.
Once integrated, rent defaults will affect a tenant’s credit score, allowing banks and other financial institutions to factor in unpaid housing dues before issuing or restructuring loans, renewing agreements, or extending credit terms.
“If rent payments are not made, individuals will see their credit ratings decline, which could affect future borrowing capacity,” HDC said in a statement.
According to data shared with Mihaaru, HDC reported MVR 894 million in unpaid rent as of June 2025. The Hiya Project, which allocated 7,000 flats, accounts for MVR 628 million—or 70 percent—of the total outstanding amount. Flats in Hulhumalé Phase 1 owe MVR 230 million (26 percent), while Vinares Flats contribute MVR 37 million (4 percent) to the total arrears.
Out of 8,511 housing units in Hulhumalé, only 3,219 are paying rent regularly. This means approximately 60 percent of flats—5,099 units—are currently in default.
HDC noted that in 2022, rent default rates ranged between 30 to 40 percent. In just three years, that figure has nearly doubled, posing a growing financial challenge to the state-owned corporation.
The integration of rent data into the national credit system marks a significant policy shift aimed at improving repayment accountability and stabilizing public housing finances.
