The Housing Development Corporation (HDC) has begun sharing customer credit data with the Maldives Monetary Authority’s (MMA) Credit Information System, including rent payment information from residents of state-run housing projects.

The integration, which took effect in March 2025, forms part of HDC’s efforts to strengthen financial discipline, improve operational efficiency, and enhance service delivery. Under this arrangement, the credit status of tenants and customers with outstanding payments to HDC is now recorded in the centralised credit reporting system maintained by the MMA.

Through this mechanism, financial institutions can access data on individuals or businesses owing payments to HDC before issuing new loans, restructuring existing credit, or offering other financial services. The change is intended to increase transparency in credit evaluations and reduce the risk of non-performing loans.

As of June 2025, HDC has reported MVR 894 million in unpaid rent. The Hiyaa Project in Hulhumalé, which comprises 7,000 flats, accounts for MVR 628 million of the total arrears approximately 70 per cent. Units in Hulhumalé Phase 1 represent MVR 230 million, while the Vinares Flats contribute MVR 37 million.

Out of 8,511 residential units in Hulhumalé, only 3,219 tenants are making regular rent payments, while 5,099 units, around 60 per cent are currently in default. In comparison, rent default rates ranged between 30 to 40 per cent in 2022, indicating a sharp rise in payment delinquencies over the past three years.

The credit system update now enables banks and lenders to consider rent defaults when evaluating creditworthiness, even before restructuring or renewing existing financial agreements. This is expected to influence borrowing capacity for defaulters and strengthen repayment accountability across the public housing sector.