BML Unveils New Housing Financing Changes to Benefit Customers

Bank of Maldives (BML) has introduced significant changes to its housing financing options, aimed at making homeownership more accessible and supporting the construction sector. The bank’s Director of Retail Banking and Cards, Badruddeen Hassan, emphasized that these changes would create more opportunities for housing construction and renovation, indirectly benefiting the economy by fostering growth in the construction industry.

The new financing terms allow BML customers to purchase land and parking spaces, a shift from previous policies that only covered apartments, single units, and row houses. Additionally, the bank has lowered the down payment requirements for housing loans. Customers can now obtain loans up to MVR 3 million with just a 10 percent down payment. For loans between MVR 3 million and 5 million, a 15 percent down payment is required, and loans above MVR 5 million will need a 20 percent down payment.

Another key change includes the extension of the repayment period for construction financing, which has been increased from 15 to 20 years, leading to lower monthly payments. BML also allows Retirement Pension Scheme funds to be used for down payments.

To make home loans even more accessible, the bank has reduced the income requirements, enabling more people to qualify for housing loans. These new, customer-friendly terms aim to support more individuals in achieving their dream of homeownership while stimulating the local construction sector.