Bank of Maldives (BML) responds to the growing demand for residential construction and renovations in the Maldives with the launch of mortgage-free home building and home equity loans. These loans, announced today, offer customers access to financing of up to MVR 1 million without the need for mortgage commitments.
The home building loans, with an interest rate of nine percent, provide customers with a repayment period of 15 years. Meanwhile, the home equity loans, tailored for existing BML home loans and financing customers, offer a repayment period of 20 years and a 10 percent interest rate.
Moosa Nimal, Director of Retail and SME Banking at BML, emphasized that these loans aim to facilitate home construction and renovation for customers, simplifying the process with no mortgage requirements. Additionally, customers benefit from competitive market rates, ensuring cost-effective home projects.
The introduction of these mortgage-free loans underscores BML's commitment to supporting its customers' housing needs and promoting accessibility to affordable financing options for home ownership and improvement.