‘Transformative national effort’: BML drives major push to expand homeownership

Bank of Maldives (BML) CEO Mohamed Shareef has described the bank’s affordable housing initiative as a “transformative national effort” aimed at expanding access to homeownership for Maldivians.

BML, through its subsidiary BML Affordable Home Leasing Company Limited, has commenced construction of 1,224 housing units under its affordable housing programme.

Speaking at the ceremony, Shareef said the project reflects the rapid implementation of the government’s housing policies, particularly the National Housing Affordability and Accessibility Project approved in October 2025 under the “Housing for All” policy and Family Housing programme.

He noted that the swift transition from policy to execution demonstrates strong leadership and coordination across institutions. “The fact that we are breaking ground so soon is a powerful demonstration of what can be achieved with strong leadership and a shared sense of urgency,” he said.

Shareef also highlighted key government support measures that made the project viable, including the provision of land free of rent, which has significantly reduced costs and ensured affordability for families.

BML is the first bank to implement the Maldives Monetary Authority’s Inclusive National Affordable Housing (INAH) scheme through its subsidiary, BML Affordable Home Leasing Company. Shareef said the bank sees the initiative not merely as a regulatory requirement, but as a responsibility to support national development.

Under the programme, BML has partnered with the Housing Ministry to develop 3,260 housing units in the Malé region by mid-2028, with construction of 1,224 units now underway in collaboration with China Machinery Engineering Corporation (CMEC).

A key feature of the project is the introduction of a lease-to-own model at scale for the first time in the Maldives, allowing families to own homes through manageable monthly payments instead of large upfront costs.

Shareef also outlined broader measures taken by the bank to expand access to housing finance, including reducing equity requirements from 20 percent to five percent, disbursing over MVR 2.1 billion in housing loans, offering Hiyavehi financing at one of the lowest rates in the country, and introducing loans of up to MVR 3 million for construction and repairs in islands without additional collateral.

“These measures reflect our belief that homeownership should not be a distant aspiration, but an achievable reality for every Maldivian,” he said, adding that the project is “a national investment in people, communities, and the long-term resilience of the country.”