Rent to own flats open to applicants earning below MVR 60,000

People earning less than MVR 60,000 a month will be eligible to apply for flats under a rent to own or monthly payment model in the government’s newly announced housing programme, the government has said.

The rent to own scheme is a bank financed housing model designed for individuals who are unable to purchase a home outright. Under the arrangement, beneficiaries will pay the full value of the flat over time as rent, with ownership transferred once the total amount has been paid.

According to regulations issued by the Housing Ministry, applicants earning above MVR 60,000 will instead be eligible to purchase flats at a subsidized price with financial assistance from banks or other financing institutions.

Under the rent-to-own model, agreements between the housing provider and the beneficiary will not include management fees or additional charges. Ownership of the flat will be transferred upon payment of the final rental instalment and settlement of the full value of the unit.

To verify eligibility, applicants will be required to submit employment details, salary and allowance information, income from self-employment, a 12-month bank statement and any other documents requested by the Housing Ministry.

The scheme is open to residents of Male' and to residents of other islands who have lived continuously in Male' for at least 15 years.

The regulations also provide special priority to 11 categories, including families with children under 18, single mothers, fathers and children with disabilities, newly married couples, families of judiciary employees, taxi drivers, tourism sector workers and registered fishermen.

Priority will also be given to applicants who received allocation letters under the Veshi Fahi Male' Hiyaa project but were not handed over flats.

Applicants must not own land exceeding 400 square feet anywhere in the Maldives. Any land registered in an applicant’s name following state distribution must also not exceed this limit.