Bank of Maldives has extended its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers.
BML CEO and Managing Director Karl Stumke commented “In 2021, we reduced our Home Loan and Financing rates to 9% which remains the lowest rate in the country. 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 are offered with 20 per cent equity at a rate of 9 per cent. The facilities can also be used by existing homeowners to buy another property.
The new changes will be effective for applications received from 1st August 2023.
For more information on BML Home Purchase Loan: https://www.bankofmaldives.com.mv/personal/borrow/home-purchase-loan
For more information on BML Islamic Home Purchase Finance:
https://www.bankofmaldives.com.mv/islamic/financing-products/home-purchase-financing
