Maldives Pension Administration Office (MPAO) has signed with Mauritius Commercial Bank (MCB) to enable a housing down payment method for the members of the MPAO retirement pension scheme.
The housing loan under the pension scheme was administered following an amendment to the Maldives Pension Act in 2016.
The amendment states that 80 percent of savings under a person's name in the pension fund may be collateralized as down payment in accordance with the Act and a regulation formulated under the Act, through a bank, housing development and financing companies or any other similar financial institution, for the sole purpose of purchasing completed and publicly offered housing units.
According to MPAO, 183 people have collateralized with the pension office, out of which 124 have obtained housing loans under the scheme. MPAO further revealed that a total of MVR 28.8 million was collateralized for the loans up to date.
MPAO has also signed with Bank of Maldives, Maldives Islamic Bank, Commercial Bank of Maldives, and Housing Development Finance Corporation (HDFC) to enable housing down payment loans under the retirement pension scheme.