The Pension Office's housing leaflet, explained in full

The Maldives Pension Administration Office (MPAO) publishes a short leaflet in Dhivehi titled, roughly, "The opportunity to pledge your pension savings to buy a home". It is version HL/V1, dated September 2022. It is the clearest single summary of the scheme, so we have set out each section in English below. Where the Pension Office's English website adds detail, we say so.

What the scheme is

The leaflet opens with one sentence: members of the Maldives Retirement Pension Scheme (MRPS) can pledge the money in their Retirement Savings Account (RSA) as the security deposit on a loan to buy a home.

Your savings are pledged, not withdrawn. They stand in for the down payment a lender would otherwise ask you for in cash.

Who can pledge

The leaflet lists four conditions. You must:

1. be a member of the MRPS;
2. be under 60;
3. be able to repay the loan in full before you turn 65; and
4. have a home loan arranged with a financial institution that takes part in the scheme.

The website adds two more: you must not already be drawing your MRPS retirement benefit, and you must be a Maldivian citizen. You also give your consent to the pledge.

How much you can pledge

The amount depends on your age when you apply:

The leaflet says the amount you can pledge is printed on your RSA statement. You can also see it in the Pension mobile app and on the Pension Office website. The leaflet's back page shows the app's home screen with a line labelled "Collateralizable Amount".

Which lenders take part

The leaflet names the five institutions that have signed agreements with the Pension Office:

• Bank of Maldives
• Maldives Islamic Bank
• Housing Development Finance Corporation (HDFC)
• Mauritius Commercial Bank
• Commercial Bank of Maldives

The website's list of approved institutions is the same today.

Which homes count

The leaflet says the scheme can be used for homes that meet these conditions:

• a home bought to live in;
• a home sold on the open market after it has been built; or
• a home sold to be handed over to the buyer once construction is complete.

That last line covers flats bought off plan in new developments, which is how most homes in Greater Malé are sold.

The three steps

1. You ask your lender. When you apply for the loan, you ask to pledge your RSA savings as the security deposit. The request goes on the loan application form.
2. The lender tells the Pension Office. It shares your details with the Pension Office.
3. The money moves. If you qualify, the Pension Office hands the funds to the housing finance provider.

What happens to your money

The leaflet follows the money through three stages.

While you are repaying. The pledged money is held under the lender's supervision. It is invested under agreed rules, and you keep earning returns on it.

When the loan is paid off. The money, with its returns, goes back into your RSA.

If you cannot repay. The home bought with the loan can be sold. If the sale does not raise enough to clear what you owe, the shortfall is taken from your pledged pension savings.

What has changed since the leaflet

The leaflet dates from 2022. Since 21 May 2026, the Sixth Amendment to the Pension Act also lets members pledge their savings for loans to build or renovate a house. The detailed regulations were still being written as of 18 October 2026. See Pension savings can now back loans to build or renovate a home.

What the leaflet leaves out

It is four pages, so a few things are not covered:

• The size of the deposit. That is set by your lender. The website says the request is usually for about 20% of the loan. Maldives Islamic Bank now asks for 10%, and HDFC for 20%.
• The rate. Some lenders price pension-backed loans differently. HDFC, for example, charges 10.42% with pension pledged against 11% on salary alone.
• Whether a couple can combine their savings. Ask your lender and the Pension Office.

Contact details on the leaflet

Hotline 1441; Viber 733 1441; info@pension.gov.mv; pension.gov.mv; Facebook and X: pensionoffice; Instagram: maldivespension.

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.