Maldives Pension Administration Office on Tuesday published in the Government gazette a policy on collaterising Maldives Retirement Pension Scheme funds for housing loans.
The loan scheme will allow pension scheme members to obtain loans to purchase housing flats through the Government’s social housing scheme.
The policy states that flats and land plots can only be bought through the scheme for housing purposes.
The eligibility criteria for providing housing loans through the pension fund requires the applicant to be under the age of 60 and should not be a recipient of retirement benefits.
The applicants are also required to pay back the loan before they reach the age of 65.
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