Real Estate & Housing

Bank of Maldives enhances housing financing to improve homeownership accessibility

These changes by BML are designed to make homeownership more attainable by offering better financing terms and reducing barriers for prospective homeowners.

Bank of Maldives

Bank of Maldives


The Bank of Maldives (BML) has announced significant enhancements to its housing financing products, aimed at providing greater flexibility and accessibility for customers across the country. These changes are designed to make homeownership more attainable by offering better financing terms and reducing barriers for prospective homeowners.

Home purchase financing

  • Now includes the purchase of land, garage, or parking spaces.
  • Equity requirement reduced to 10% for projects up to MVR 3 million.

 Home construction financing

  • Repayment period extended from 15 to 20 years, allowing for lower monthly payments.
  • Maximum financing amount increased from MVR 15 million to MVR 45 million.
  • Income generated from the project will now be considered in eligibility assessments.

Home build financing

  • Maximum financing amount increased to MVR 2 million.
  • Relaxed eligibility criteria to include new borrowers.
  • Reduced income requirement to offer access to a broader range of customers.

BML’s CEO and Managing Director, Mohamed Shareef, highlighted that these changes reinforce the bank’s commitment to providing the lowest home financing rates in the country. 

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 across the country.
BML’s CEO and Managing Director, Mohamed Shareef.

These enhancements will provide significant financial relief to prospective homeowners by reducing upfront equity requirements and extending repayment terms. With more accessible financing options, individuals and families will have greater opportunities to build and own homes, fostering long-term financial stability and improved living conditions across the Maldives.

More from MFR