# The Pension Office's housing leaflet, explained in full

> The Maldives Pension Administration Office's Dhivehi leaflet on using pension savings to buy a home sets out the whole scheme on four pages: who qualifies, how much you can pledge at each age, which homes count, the five lenders, the three steps and what happens to your money. Here it is in English, section by section.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/pension-office-housing-leaflet-explained
Published: 2026-10-18T15:57:47.286Z · Updated: 2026-10-18T16:13:52.994Z · Event date: 2026-10-18

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Your savings are **pledged, not withdrawn**.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:

| Your age | Share of your RSA balance you can pledge |
|---|---|
| 16 to 35 | **100%** |
| 36 to 49 | **80%** |
| 50 to 60 | **50%** |

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.*

## Sources
- 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/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))

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