# Self-employed and saving for a home? What the Pension Act change means

> The 2026 amendment widens the MRPS for self-employed people. Because the pension housing scheme lets members pledge their savings instead of paying a cash deposit, a self-employed person who builds an RSA balance now builds a home deposit too. How to start, and how fast it adds up.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/pension-act-self-employed-buyers
Published: 2026-10-18T14:00:00.000Z · Updated: 2026-10-18T16:13:52.994Z · Event date: 2026-10-18

The **Sixth Amendment to the Maldives Pension Act**, in force since **21 May 2026**, *"broadens access for self-employed individuals to participate"* in the Maldives Retirement Pension Scheme (MRPS). In September 2026 the Pension Office held an information session for **sole proprietors**.

For a self-employed person who wants to own a home, that matters for one reason. **An MRPS balance can be pledged in place of a cash deposit.**

## Why it matters for buying

Under the pension housing scheme, a Maldivian member under 60 can pledge their Retirement Savings Account (RSA) as the deposit on a home loan from an approved lender: Bank of Maldives, Maldives Islamic Bank, HDFC, Mauritius Commercial Bank or Commercial Bank of Maldives. How much is set by age:

| Age | Pledgeable |
|---|---|
| 16 to 35 | 100% of the balance |
| 36 to 49 | 80% |
| 50 to 60 | 50% |

Since May 2026 the same savings can also back a loan **to build or renovate**, once the regulations are in place.

## How to contribute

The Pension Office's FAQ:
- **No registration is needed** for self-employed or voluntary members.
- **Log in** to the **Koshaaru portal** or the **Pension app** with your National ID details.
- **Declare** your contribution.
- **Pay** against the invoice the portal generates.
- **Upload the slip**, or email it to info@pension.gov.mv.

The amendment's detailed rules for the self-employed are part of the regulations still being written.

## How fast it adds up

*Before investment returns, illustrative:*

| Monthly contribution | After 3 years | After 5 years | After 8 years |
|---|---|---|---|
| MVR 3,000 | MVR 108,000 | MVR 180,000 | MVR 288,000 |
| MVR 5,000 | MVR 180,000 | MVR 300,000 | MVR 480,000 |

At **MVR 5,000 a month**, five years would cover the **10% deposit** Maldives Islamic Bank asks on a MVR 3 million flat. Under 36, all of it can be pledged.

## Things to weigh

- **It is retirement money.** Pledged savings come back when the loan is repaid, but they are at risk if you default.
- **Lenders assess self-employed income** separately: expect to show accounts, tax clearance and bank statements.
- **Dollar earners** contribute and save in **rufiyaa**.

**Where it stands on 18 October 2026.** The law has been in force since **21 May 2026**. In June the Pension Office said it was writing the regulations and procedures, *"expected to be completed within three months"*. As of 18 October, its news page has announced no regulations for the housing changes. Its housing page still describes **purchase loans only**, and its five approved lenders have published no pension-backed construction or renovation product. Until they do, ask the Pension Office (1441) and your lender before you plan on it.

*From the Pension Office's announcement of 10 June 2026 and its website, read on 18 October 2026. Details will be set by regulations not yet published. General information, not financial advice.*

## Sources
- pension.gov.mv/en/media/news/6th%20amendment%20to%20Pension%20Act (Pension Office, "6th Amendment to the Maldives Pension Act", 10 June 2026) (https://pension.gov.mv/en/media/news/6th%20amendment%20to%20Pension%20Act (Pension Office, "6th Amendment to the Maldives Pension Act", 10 June 2026))
- pension.gov.mv/en/housing (Pension Office, MRPS Housing Benefit, read 18 October 2026) (https://pension.gov.mv/en/housing (Pension Office, MRPS Housing Benefit, read 18 October 2026))
- pension.gov.mv/en/faq/mrps (Pension Office MRPS FAQ, read 18 October 2026) (https://pension.gov.mv/en/faq/mrps (Pension Office MRPS FAQ, read 18 October 2026))
- pension.gov.mv/en/media/news/sps1 (Pension Office information session for sole proprietors, 17 September 2026) (https://pension.gov.mv/en/media/news/sps1 (Pension Office information session for sole proprietors, 17 September 2026))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.