# The five lenders that accept your pension, and the five steps to use it

> Only five institutions can take your pension savings as a home loan deposit: Bank of Maldives, Maldives Islamic Bank, HDFC, Mauritius Commercial Bank and Commercial Bank of Maldives. How the request moves between you, the lender and the Pension Office, step by step.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/pension-housing-five-lenders-application-steps
Published: 2026-10-18T15:57:47.286Z · Updated: 2026-10-18T15:57:47.286Z · Event date: 2026-10-18

## The approved lenders

The Pension Office lists five:

| Lender | What we know about its pension route |
|---|---|
| **Bank of Maldives** | An approved provider; ask the bank for its terms. |
| **Maldives Islamic Bank** | Accepts pledged pension as the **10% equity** on Ujaalaa Hiyaa; bring your pension document. |
| **HDFC** | Charges **10.42%** with pension pledged, against 11% on salary alone; equity 20%. |
| **Mauritius Commercial Bank** | An approved provider; ask the bank for its terms. |
| **Commercial Bank of Maldives** | An approved provider; ask the bank for its terms. |

## The five steps

The Pension Office sets them out:

1. **You ask, through your loan application.** You request to pledge your RSA savings on the form you give the bank or housing finance provider.
2. **The lender asks the Pension Office.** It requests release of an amount equal to the **owner's equity** on the loan: *"usually 20% of the loan amount"*.
3. **The Pension Office checks and releases.** It verifies that you are eligible and, if you are, releases the funds.
4. **The money waits with the lender.** It stays there until the loan is fully repaid, then returns to your RSA. You keep receiving investment returns.
5. **If the loan fails,** the home is sold first. Your pledged savings cover only any shortfall.

## Before you start

- **Know your number.** Your pledgeable amount is on your RSA statement and in the Pension app.
- **Pick the project first.** The scheme needs a home identified and a loan arranged.
- **Ask each lender** whether pledging changes your **rate**, and how its equity rule (10% or 20%) compares with what you can pledge.
- **You never apply to the Pension Office yourself.** Everything goes through the lender.

Pension Office: hotline **1441**, Viber **733 1441**, info@pension.gov.mv, pension.gov.mv. Your pledgeable amount is on your RSA statement, in the Pension mobile app and on the website.

*From the Maldives Pension Administration Office's own housing pages, FAQ and leaflet, read on 18 October 2026. Your lender's terms decide the rest; confirm them before you commit. General information, not financial advice.*

## Sources
- 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))
- storage.googleapis.com/staging.mpao-1327.appspot.com/strapi/Housing_Leaflet_f46c9c774e/Housing_Leaflet_f46c9c774e.pdf (Pension Office housing leaflet, HL/V1/SEP22, Dhivehi) (https://storage.googleapis.com/staging.mpao-1327.appspot.com/strapi/Housing_Leaflet_f46c9c774e/Housing_Leaflet_f46c9c774e.pdf (Pension Office housing leaflet, HL/V1/SEP22, Dhivehi))
- pension.gov.mv/en/faq/housing (Pension Office, housing FAQ, read 18 October 2026) (https://pension.gov.mv/en/faq/housing (Pension Office, housing FAQ, read 18 October 2026))
- hdfc.com.mv/conventional-facilities/home-purchase (HDFC, read 18 October 2026) (https://hdfc.com.mv/conventional-facilities/home-purchase (HDFC, read 18 October 2026))
- www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB, read 18 October 2026) (https://www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB, read 18 October 2026))

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