Maldives pension office to cover down-payment on flats

Maldives Pension Administration Office (MPAO) has drafted a regulation to cover the down payment for purchase of flats and land plots.

Following the recent amendment to the Pension Act, MPAO has submitted to the attorney general’s office to draft and gazette the guideline for MPAO to cover down payments for pension scheme members.

MPAO’s director Ismail Sujaaru told Mihaaru that the policy will be publicised very soon.

“Under the new regulation, even a married couple can jointly apply to pay the down payment for a flat or land plot. Or even more than two can participate. The objective is to ease acquisition of housing as much as possible,” he said.

Sujaau stated that their pension scheme members can apply to buy flats from any part of the Maldives under that regulation.

“We will provide twenty percent of the flat’s cost and guarantee of the buyer’s financial adequacy to banks or other financial entities. The most common problem now is that people don’t have the money for the down payment.”