Bank of Maldives Unveils Major Upgrades to Housing Finance Products

In a move aimed at making homeownership more accessible and flexible for Maldivians, the Bank of Maldives (BML) has announced enhancements to its housing finance products. The changes are designed to cater to a wider range of customers, from first-time buyers to those looking to expand their property investments.

One of the key updates to the Home Purchase Financing product is the inclusion of land, garages, and parking spaces, broadening the scope of what customers can finance. Additionally, the equity requirement for projects up to MVR 3 million has been reduced to just 10%, making it easier for individuals to secure financing with a smaller upfront investment.

For those considering home construction, the bank has extended the repayment period from 15 to 20 years, providing borrowers with more manageable payment terms. The maximum financing amount has also seen a substantial increase, jumping from MVR 15 million to MVR 45 million. Furthermore, income generated from the construction project will now be factored into eligibility assessments, offering greater flexibility for applicants.

The Home Build Financing product has also undergone significant changes. The maximum financing amount has been raised to MVR 2 million, and eligibility criteria have been relaxed to include new borrowers. Additionally, the income requirement has been reduced, opening the door for more customers to access financing for building their dream homes.

Mohamed Shareef, CEO and Managing Director of Bank of Maldives, emphasized the bank’s commitment to supporting homeownership across the nation. “We continue to offer the lowest home financing rates in the country, and with today’s changes to our financing portfolio, we can now offer even more individuals and families access to the financing they need to become homeowners,” he said.

These updates come as part of BML’s ongoing efforts to address the housing needs of Maldivians and support the country’s economic development. By reducing barriers and increasing flexibility, the bank aims to empower more citizens to achieve their property ownership goals.

The changes are expected to have a significant impact on the housing market, particularly for middle-income earners and first-time buyers who may have previously found it challenging to meet financing requirements. With these enhancements, the Bank of Maldives reaffirms its position as a key player in the nation’s financial landscape, committed to fostering growth and opportunity for all.