BML introduces new home financing product specifically designed for tourism sector employees

Bank of Maldives (BML) has introduced a new home financing facility specifically designed for tourism sector employees who receive their income in US Dollars.

Introduced with a low financing rate of 7.5 percent per annum, this facility currently offers the lowest interest rate for housing finance from any bank in the Maldives, with the exception of the Hiyaavehi Finance Scheme. This facility will provide convenient and accessible opportunities for tourism sector employees to secure their own housing in any region of the Maldives.

Bank of Maldives CEO and Managing Director Mohamed Shareef stated that this facility is designed to provide easy access to financing for employees working in resorts, guesthouses, hotels, and safaris—sectors that play a vital role in the Maldivian economy. He noted that as tourism is the backbone of the nation's economy, this initiative underscores the bank's commitment to supporting the industry's workforce and their families.

This facility is available to Maldivians employed in the tourism sector—including resorts, guesthouses, hotels, and safari vessels—who receive their salaries in US Dollars. In assessing income eligibility, the bank will consider both the basic salary and service charge earnings. Furthermore, this income must be deposited directly into an account held at the Bank of Maldives.

This financing facility will also be available through BML Islamic. The facility has been designed to accommodate the preferred financing principles of customers, ensuring accessibility for all eligible applicants.

Customers can apply for this facility through the BML Mobile Banking app. Further information is available at https://www.bankofmaldives.com.mv/.