Bank of Maldives (BML) has announced a significant reduction in the equity requirement for home financing, bringing it down to just five percent. This marks a notable shift from the previous minimum requirement, which started at 20 percent.

The change is part of the bank’s broader efforts to make homeownership more accessible for Maldivian families. By lowering the upfront equity needed, BML aims to ease one of the major financial barriers faced by those looking to purchase a home.

In addition to this development, the bank recently increased the maximum loan amount available for building or renovating homes across any island in the Maldives to MVR three million, without the need for additional collateral.

These updates reflect BML’s continued commitment to supporting housing needs across the country through more inclusive and flexible financing options.