Bank of Maldives has announced positive changes to the recently introduced Home Improvement Loan to provide easy access to finance for recipients of the Hiyaa social housing scheme.
With the changes announced today, customers can now apply for the loan with joint borrowers who have a verifiable income. To be eligible, the joint borrower must be an immediate family member with a legal connection to the property owner and can include spouse, children, siblings, parents or grandparents.
Bank of Maldives’ Home Improvement Loan offers customers financing from MVR 25,000 up to a maximum of MVR 150,000 for finishing and furnishing requirements of the new flats. The unsecured loan is available at a lower interest rate of 12% with a 5-year repayment period.
In addition to the loan for Hiyaa flat recipients, the changes announced today will apply for Home Improvement Loan Plus available to finish and furnish other flats and row houses purchased from private developers. Eligible customers can borrow from MVR 25,000 to MVR 300,000 without additional security for a 5- year tenor. With an interest rate of 12%, this is lower than the Bank’s existing unsecured loan products.
The changes announced today will extend to BML Islamic Home Improvement Financing and Home Improvement Financing Plus facility.