BML introduces mortgage free housing loans up to MVR 1 million

Bank of Maldives (BML) has announced special Home Building loans and Home Equity loans today.

The loans will be mortgage-free, enabling customers to access loans of up to MVR 1 million for home construction and renovation anywhere in the country.

BML will be charging an interest of nine percent for the Home Building loans, with a repayment period set at 15 years. Home Equity loans will have a repayment period of 20 years with a 10 percent interest rate.

The Home Equity loans are specifically aimed at its home loans and financing customers. These customers, who are required to have taken out loans above MVR 50,000, will be eligible for loan amounts determined by the payments made on their existing loans.

BML's Director of Retail and SME Banking, Moosa Nimal said that these loans were introduced to help customers build their homes with ease. He added that while no mortgage is required for these loans, customers would also be able to build and renovate their homes at the best market rates as well.

Key Features

• Borrow from MVR 50,000 up to MVR 1 million to build or renovate homes
• Minimum 25% equity contribution
• Interest rate 9% p.a.
• Apply jointly with others. At least one borrower should have a legal connection to the property
• Repay over 15 years and enjoy a flexible grace period of up to 12 months
• No additional security required

Eligibility

To apply for this loan, you should:

• Be a Maldivian aged between 18 to 60 years
• Generate adequate income to fulfill the loan repayments (income from the proposed project's rent will not be factored in)
• Income must be routed to BML account for past 12 months
• Income from all sources such as salary, business income, rental income will be considered
• Repayment of all existing credit facilities should be satisfactory for the past 12 months

Applicable Fees

• Application Fee: MVR 1,000 (Non-refundable)
• Processing Fee: 1.5% of loan amount