BML reduces equity requirement for home construction financing to 5 percent

Bank of Maldives (BML) has reduced the equity requirement to 5 percent for home construction projects valued up to MVR 3 million under its home construction financing facility.

This represents a significant relief for customers compared to the previous requirement of a 20 percent personal contribution. The primary objective of this change is to facilitate easier access to financing for housing construction across the Maldives.

Commenting on the initiative, BML CEO and Managing Director Mohamed Shareef stated that as the national bank, BML prioritizes playing a leading role in addressing the housing challenges faced by Maldivian families. He noted that by reducing the equity requirement to 5 percent, one of the most significant barriers to home construction has been removed, paving the way for more Maldivians to build their own homes. For instance, he explained that while a project worth MVR 2 million previously required MVR 400,000 in equity, customers can now secure financing with just MVR 100,000, providing substantial financial relief.

Housing projects exceeding MVR 3 million will continue to require a minimum equity contribution of 20 percent for loans or financing. With an interest rate of 9 percent, Bank of Maldives (BML) remains the provider of the lowest home financing rates in the country. Furthermore, the bank has reduced the equity requirement to 5 percent for homebuyers throughout 2025.

Bank of Maldives remains committed to addressing the evolving needs of its customers by expanding access to financial assistance and ensuring that its services are available to as many individuals as possible.