Bank of Maldives (BML) has introduced Islamic Home Improvement Financing which will be issued to people who need financial help to complete the apartments handed over under the social housing projects. This loan is mortgage-free and it will help people to buy the necessary household items and furniture without any worry to make their apartments a home. Additionally, people who have received housing under the social housing project from any atoll and island can apply for the Islamic Home Improvement Financing.
According to the Interim in charge of the BML’s Islamic Banking Division, the opportunity to include an additional person along with the owner of the apartment in the financing process will be given the opportunity upon request. Clients will also be able to acquire goods and withdraw cash without having to spend any money out-of-pocket.
Under the BML Islamic Home Improvement Financing, a maximum amount of MVR 150,000 will be issued to the applicants and a period of 5 years will be given to repay the loan. In addition to this, customers who want to repay the loan in less than 5 years will be given the opportunity upon request and receive a discount according to BML policy.
As per the changes brought to this financing option, if a customer wants to include an additional person in this financing option, they will be able to include their mother, father, spouse, siblings, children, grandmother, grandfather, or grandkids.
To apply for this financing service, an application form has to be completed. Customers from Male’ can apply their form to the BML Islamic Male’ branch, while customers from other areas of the Maldives can apply their form to any BML branch.
Customers can email a copy of their quotation in a PDF file to firstname.lastname@example.org.