Terrific News! Positive Changes Brought to Personal and Housing Loans and Financing Offered by BML

Finally, some good news in 2020! The largest local bank presently operating in Maldives, Bank of Maldives Plc. (BML) has announced the decrement of Interest Rates and Profit Rates in Personal and Housing Loans and Financing offered by them. The Bank’s Director of Retail and SME Banking, Mr. Moosa Nimal reports that the decision was come to as a notion of lightening the financial burden on its customers during this financially challenged times due to the impacts of the COVID-19 pandemic worldwide.

As per the Bank, eligible customers can now receive up to MVR 300,000 under their ‘Lui Express Loan’ without opting for mortgage whereas the Interest Rate has been decreased to 15%. Interest Rate for ‘Lui Micro Loan’ specified for persons who do not regularly earn an income, has been also decreased; which is now valued at 12%. The Interest Rate on ‘Lifestyle Loan’ aimed for land owners receiving rent an income, is now also set at 15%. No changes have been brought loans offered inclusive of a mortgage. Hence, loans amounting between a total of MVR 300,000 and MVR 1.5 million will have the same interest rate of 12%,

With the new changes to Housing Loans, it will the lowest interest offered by a Bank in the country. In this regard, Interest Rates has been decreased to 10% on ‘Home Purchase Loan’ and in ‘Home Construction Loan’. Apart from this, for persons in the construction businesses, Interest Rate on ‘Real Estate Loan’ has been decreased to 10.5%,

BML has noted that they will publicizing details of changes to other loans offered by the bank on a near future date.