16 January 2019
Pension Office signs an agreement with Mauritius Commercial Bank of Maldives to provide home financing loans to the members of Maldives Pension Retirement Scheme. This agreement allows Mauritius 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.
The agreement was signed by CEO of Pension Office Mohamed Hussain Manik and Managing Director of Mauritius Commercial Bank of Maldives Désiré LEO
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, 183 members has applied for collateralization with 124 loans being approved. As such, MVR 28,800,039.92 has been disbursed as collateralization.