Government and Lenders Launch New Home Ownership Equity Schemes

The Ministry of Infrastructure, Housing and Urban Development signed a Memorandum of Understanding (MoU) with four major financial institutions yesterday to launch equity assistance schemes under the National Home Ownership Program, aiming to lower financial barriers for citizens seeking housing across the Maldives.

Under the agreement signed by Minister Dr Abdulla Muththalib, Bank of Maldives (BML), Maldives Islamic Bank (MIB), Housing Development Finance Corporation (HDFC), and Maldives Finance Leasing Company (MFLC) will facilitate two new schemes: ‘Help to Build’ and ‘Help to Buy’.

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The initiative addresses findings from the World Bank-assisted Maldives Urban Development and Reconstruction Project (MUDRP), which identified upfront equity down payments required by banks as the primary obstacle preventing Maldivian families from acquiring or constructing homes.

The ‘Help to Build’ component targets landowners in Malé and inhabited islands across the atolls, excluding Hulhumalé, Vilimalé, Gulhifalhu, and Giraavarufalhu. Under this scheme, the government will provide a non-repayable grant of up to MVR 200,000 to cover equity payments for housing construction loans of MVR 1 million. For multi-owner family plots in Malé, grants can reach up to MVR 1 million at MVR 200,000 per co-owner. While the grant does not require repayment, beneficiaries must return the funds to the state if the property is sold within 20 years.

The ‘Help to Buy’ component provides up to MVR 250,000 in equity aid for first-time home buyers purchasing affordable housing units valued at MVR 1.5 million built under Public-Private Partnerships (PPP), or units sold at market rates. The funds will be disbursed through financial institutions directly to developers, reducing the total purchase price borne by buyers.

Eligibility is restricted to first-time homeowners who hold legal ownership of the construction plot and do not own any other residential property. While properties constructed under the program must serve primarily as primary residences, owners are permitted to utilise portions of the building for commercial purposes.

A landmark milestone for Home Ownership! Earlier today, the Ministry of Infrastructure, Housing and Urban Development (MIHUD) officially launched “Help to Build” and “Help to Buy” under the National Home Ownership Programme alongside leading financing partners: @bankofmaldives, @mibmv, @hdfcmaldives, and @mflcmv. Designed to dismantle upfront equity hurdles, this nationwide initiative offers direct financial backing to first-time homeowners through two dedicated tracks: Help to Build: Up to MVR 200,000 in equity support for home construction across Male’ and other inhabited islands. Help to Buy: Up to MVR 250,000 deducted directly from the purchase price for affordable PPP and market-rate housing units. #HousingForAll #NationalHomeOwnership— Ministry of Infrastructure, Housing and Urban Dev. (@MIHUDmv) October 18, 2026