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BML extends tenor of home financing to 25 years

Aug 2, 2023, 6:49 AM

The national bank said the new changes will be effective for applications received from August 1, 2023.

Bank of Maldives (BML) has extended its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers.

BML Home Purchase Loan and BML Islamic Home Purchase Financing are offered with 20 percent equity at a rate of nine percent.

"In 2021, we reduced our Home Loan and Financing rates to nine percent which remains the lowest rate in the country," BML CEO and Managing Director Karl Stumke said.

"Today’s announcement will further benefit home buyers with the extended repayment period of 25 years as well as an extended grace period of 24 months."

BML Home Purchase Loan and BML Islamic Home Purchase Financing facilities can also be used by existing homeowners to buy another property.

The national bank said the new changes will be effective for applications received from August 1, 2023.

BML Islamic Bank Of Maldives (BML)

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