Bank of Maldives (BML) has introduced the lowest interest rate for home loans, across the country.
An announcement publicized by the country’s national bank reads that the bank has reduced its home loan interest rates to nine percent, which makes it the lowest rate accessible across the entirety of the nation.
Customers applying for new loans or looking to refinance their existing loans in other financial institutions will be eligible for the reduced interest rate.
Apartments and row houses may be purchased anywhere across Maldives, with a repayment period of 20 years with BML’s home loan, revealed the bank.
We are pleased to be in a position to announce rate reductions for a number of products in our loan portfolio. We now offer the country’s lowest interest rate for home loans which will result in substantial savings for home buyers. For a MVR 3 million loan, for example, customers can expect to save about MVR 500,000. Our Kiyavaa Loan rate has also been reduced and we have also eased Lifestyle Loan eligibility from today.”Tim Sawyer, CEO of Bank of Maldives.
In a bid to provide financial support to the students pursuing higher education, BML has reduced the interest rate for ‘Kiyavaa Loan’ up to nine percent as well.
In addition to this, amendments were brought to the ‘Secured Lifestyle Loan’, allowing customers to be eligible for the loan in any type of verifiable income.
The new rates will be mirrored in the Shari’ah compliant products available from BML Islamic and will be effective for loans approved from December 1.
Moreover, the bank revealed that all personal unsecured loans including vehicle, green and lifestyle loans have been made available for online application via internet and mobile banking.
