BML Boosts Home Dreams: Extends Loan Repayment Period for Aspiring Homeowners

Dreams of owning a home just got a reassuring boost as Bank of Maldives (BML) unveils a strategic move aimed at enhancing the journey to homeownership. The bank's recent announcement to extend the repayment period for housing loans, financing loans, and Islamic finance loans is setting the stage for more accessible and manageable home financing.

BML's forward-looking initiative paves the way for a generous 25-year repayment period, effectively adding an extra layer of flexibility and affordability to those aspiring to own a piece of real estate. What's more, the grace period before repayment has also been extended, offering a comfortable 24 months before the loan's repayment period kicks in.

Previously, these loans came with a 20-year repayment window and an 18-month grace period. By increasing both these timelines, BML is demonstrating its commitment to understanding and accommodating the financial needs of home buyers.

Key offerings under this extended horizon include BML's home purchase loan and the Islamic home purchase financing. These options bring forth favorable terms, with an equity requirement of 20 percent and a 9 percent rate. This tailor-made approach aims to empower both new home buyers and existing homeowners who seek to expand their property portfolio.

As Bank of Maldives stretches the timeframes and refines the pathways to home ownership, it not only eases the financial burden but also paves the way for individuals and families to transform their housing dreams into tangible reality. This strategic move is poised to uplift the housing landscape, ensuring that more people can embark on the rewarding journey of owning a home with confidence and comfort.