Housing Scheme

Housing Scheme

Under this scheme, members of Maldives Retirement Pension Scheme (MRPS) can utilize funds in their Retirement Savings Account (RSA) to secure housing loans. The purpose of this scheme is to make housing finance more affordable to MRPS members and increase benefits to members. 

How the scheme works

  1. Member must request to collateralize funds in his/her RSA through the loan application submitted to the bank/housing finance provider
  2. Bank/housing finance provider requests Pension Office to release an amount equivalent to the owner’s equity for the loan from RSA (usually 20% of the loan amount)
  3. Pension Office verifies member’s eligibility for collateralization, and if eligible releases fund
  4. The collateralized fund remains with the housing finance provider until the loan is fully paid and it is returned back to member’s RSA once the loan is fully paid
  5. On default of a loan obtained through this scheme, the initial course of action will be to sell the housing unit which is kept as security for the loan in order to recover the loan amount. If the amount received through the sale of the housing unit is is sufficient to recover the loan amount, the balance amount required to settle the loan will be released from the collateralized amount to the loan issuer


  • Members applying for collateralization of funds in RSA must be below 60 years old
  • Members applying to purchase a house/apartment under this scheme must have sufficient balance in his/her RSA. In cases where two or more members obtain a loan to purchase a housing unit, they can collateralize by pooling the funds in their RSA, provided that they meet the bank(s) criteria for co-applicants
  • Property being considered for purchase under this scheme must be: 1) for dwelling purposes 2) available for purchase in an open market 3) handed over to the purchaser as a finished product
  • A member can purchase a house/apartment under this scheme only once

Collateralizable amount

Financial Institutions Authorised by Pension Office to offer Loans under the scheme

  • Bank of Maldives
  • Maldives Islamic Bank
  • Housing Development Finance Corporation
  • Mauritius Commercial Bank
  • Commercial Bank of Maldives