Pension Office partners with CBM to make home finance more accessible and affordable
16 April 2018
Pension Office signs an agreement with Commercial Bank of Maldives to provide home financing loans to the members of Maldives Pension Retirement Scheme. This agreement allows Commercial Bank of Maldives to accept retirement savings as equity for home loans, paving way to make home finance more accessible and affordable for Maldivians.
In a special ceremony held at Pension office today (16th April 2018), the agreement was signed by CEO of Pension Office Mohamed Hussain Maniku and MD/CEO of Commercial Bank of Maldives Dilan Rajapakse.
Pension Office has previously signed similar agreements with Bank of Maldives, Maldives Islamic Bank and HDFC in order to provide affordable housing finance for Maldivians.
Under this agreement, MRPS members applying for housing loans can collateralize the balance in their Retirement Savings Accounts (RSA) as equity for the loan. In the circumstance where the balance in a member’s RSA be insufficient for the total equity, the applicant may also combine the money from retirement savings accounts of other family members as equity for the loan.
With the commencement of housing loan schemes, 125 members has participated in the scheme receiving 74 applications.