The Maldives Monetary Authority (MMA) has introduced a new fund to finance home purchases through the banking system under the Inclusive National Affordable Housing Scheme. The initiative aims to make housing more affordable, particularly in the Greater Malé Region, and will run for five years under a financial authority appointed by the MMA.

Under the regulation, banks must allocate 10–15 per cent of their total loan portfolio to the scheme, unless otherwise directed by the MMA.

The fund offers two financing options:

  • Type A – Lease Ending with Ownership Facility: Annual profit rate of 5 per cent. Ownership is transferred after lease payments are completed. No equity is required, but a security deposit must be made.
  • Type B – End-User Financing Facility: Annual profit rate of 6 per cent. Borrowers must contribute 5 per cent of the facility amount as equity.

The scheme is open only to first-time homebuyers who meet MMA’s eligibility criteria. The implementing authority must manage all financing and repayment processes, recover overdue payments, and maintain proper records. Annual financial statements must be audited by an external auditor and submitted to the MMA and participating banks within four months of each year’s end.

Through this initiative, the MMA seeks to enhance access to affordable housing and strengthen the role of the financial sector in supporting home ownership across the Maldives.