Bank of Maldives (BML) has officially laid the foundation for 300 housing units in Villimale. The ceremony was attended by President Dr. Mohamed Muizzu, Minister of Construction and Infrastructure Dr. Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, BML CEO Mohamed Shareef, and RCC Chairman Colonel (Rtd) Mohamed Nazim, among other high-ranking government and bank officials.

The project is being developed on land provided rent-free by the Housing Ministry. According to BML, construction is expected to be completed by mid-2028. The physical works are being carried out by Rashid Carpentry and Construction (RCC), a leading construction firm in the Maldives.

BML CEO Mohamed Shareef highlighted that this project introduces a large-scale lease-to-own model for the first time in the country. This model aims to reduce the financial burden on families by eliminating the need for high upfront equity or down payments, allowing citizens to own homes through affordable monthly rent.

Shareef further noted BML’s ongoing efforts to make housing finance more accessible, mentioning that the bank has reduced personal contributions for home purchases from 20% to 5%. Additionally, over MVR 2.1 billion in new housing finance was disbursed last year. The bank is also collaborating with the government on the ‘Hiyaavehi Financing’ scheme to provide low-interest loans for home construction in the islands.

The initiative is spearheaded by the BML Affordable Home Leasing Company, a subsidiary established to achieve the objectives of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing (INAH) framework. The subsidiary plans to develop a total of 3,260 housing units under this program.