Government to open applications for housing assistance in November: Muththalib
24 އޮކްޓޯބަރު 2026 | ހޮނިހިރު 11:37The Minister stated that the government's new grant program, designed to assist with the equity requirements for building or purchasing homes, will provide significant relief to families previously unable to secure housing due to a lack of deposit funds. Applications for these schemes are set to open in November, at which time the Ministry will publish comprehensive guidelines and detailed application procedures.
Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib. | president office
Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib has announced that applications for the 'Help to Build' and 'Help to Buy' schemes, conducted under the national housing program, will open in November.
In a social media post, the Minister stated that both schemes are designed to assist individuals with the initial equity payments required for housing. The Minister noted that this initiative will provide opportunities for families who possess the financial capacity to repay a loan but have remained unable to secure housing due to a lack of funds for the initial deposit.
On October 18, agreements were signed with Bank of Maldives, Maldives Islamic Bank, Housing Development Finance Corporation, and Maldives Finance Leasing Company to implement these schemes.
The Minister stated that the "Help to Build" scheme is designed to assist individuals who own land but lack adequate housing by providing the necessary loans to construct their homes. Under this scheme, the government will provide up to MVR 200,000 to cover the 20 percent equity required for a loan of MVR 1 million.
The first phase of this scheme includes Male' City and specifically designated islands across the atolls. Although Hulhumale', Villimale', Gulhifalhu, and Giraavarufalhu are excluded from this initial stage, they will be incorporated in the upcoming phases.
The Minister stated that when multiple owners collaborate to develop a building on ancestral family land in Male', each owner will be eligible for up to MVR 200,000 in assistance, with a total cap of MVR 1 million per plot.
The Minister further stated that the "Help to Buy" scheme is specifically designed for first-time homebuyers. Under this initiative, the government will provide financial assistance of up to MVR 250,000 for the purchase of affordable housing units developed by private contractors in inhabited islands, provided the property value does not exceed MVR 1.5 million. This measure is specifically aimed at lowering the cost of homeownership across the islands.
The Minister explained that as these funds will be paid directly to the developer through the lending institution, the amount will be deducted from the total price of the housing unit. For instance, on a property valued at MVR 1.5 million, this contribution represents one-sixth of the total cost. Consequently, instead of the standard 20 percent deposit of MVR 300,000, families will only be required to provide a personal contribution of MVR 50,000.
The Minister noted that plans are underway to expand the scheme in its upcoming phases to include individuals purchasing new apartments in Male' City.
The Minister further clarified that this assistance is a government grant rather than a loan. He noted that repayment would only be required if the property is sold within twenty years.
Applications for these schemes will open in November, at which time the Ministry will publish the comprehensive guidelines and detailed application procedures. The Minister emphasized the importance of prospective applicants beginning their preparations immediately.
