Maldives Pension Administration Office has signed an agreement with Commercial Bank of Maldives to provide housing loans for members of Maldives Retirement Pension Scheme, paving way to make home finance loans more accessible and affordable. The agreement was signed by CEO of Pension Office Mohamed Hussain Manik and Managing Director and CEO of Commercial Bank Dilan Rajapakse.
The agreement will enable the colletarisation of funds deposited in retirement saving account for members of Maldives Retirement Pension Scheme seeking housing loans from Commercial Bank of Maldives, said Maldives Pension Administration Office.
One main aim of introducing such ventures is to ease the living standards and livelihoods of Maldivian citizens, CEO of Pension Office Mohamed Hussain Manik said speaking at the ceremony. Meanwhile, the bank will customise the loans as preferred by the customer, stating the aim of providing such loans are to ease the process, Managing Director and CEO of the Commercial Bank noted.
Maldives Pension Administration Office has established similar agreements with Maldives Islamic Bank, Bank of Maldives and Housing Development Finance Corporation. The Pension Office revealed it has so far issued 74 loans under these agreements.