The newly launched Home Build Loan has been specifically crafted to provide individuals with the flexibility to borrow up to MVR 1 million without the need for additional security.
Bank of Maldives
Bank of Maldives (BML) has unveiled two innovative home loan products, the Home Build Loan and the Home Equity Loan, aiming to address the growing demand for home construction and renovation among its customers.
The newly launched Home Build Loan has been specifically crafted to provide individuals with the flexibility to borrow up to MVR 1 million without the need for additional security. With a repayment period extending over 15 years, this offering is well-suited for both renovation projects and larger-scale home construction endeavours across the nation.
In a move to cater to the evolving needs of its existing Home Loan and Financing customers, BML has introduced the Home Equity Loan for the first time. This unique loan product enables customers to borrow up to the repaid amount, or the usable equity, of their primary loan. Available for borrowings exceeding MVR 50,000, the Home Equity Loan features a generous repayment period of 20 years.
These products are designed to make access to finance easier for our customers across the country. The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%
It's worth noting that both Home Build Financing and Home Equity Financing options are also available for BML Islamic customers, ensuring inclusivity across all segments of the bank's clientele.
With these new offerings, the Bank of Maldives continues to demonstrate its commitment to providing innovative financial solutions that empower customers to realize their homeownership aspirations and enhance their living spaces.
