Pension office Monday inked a pact with the Maldives Islamic Bank (MIB) that allows pensioners the chance to pay the down-payment on the bank's home finance scheme.
Speaking after signing the agreement pension office CEO Ahmed Hussain Manik said the initiative provides pensioners a great opportunity to purchase houses and land plots.
MIB would finance a middle class flat under MVR3 million with nine percent interest while the applicant would be required to cover 20 percent of the cost as equity.
Pensioners would have the chance to cover the sum through their respective pension fund.
According to pension office statistics, around 12,000 people is part of the country's pension scheme but only 8,000 are regular contributors.
