Bank of Maldives has introduced a new home financing facility aimed at employees in the tourism sector, targeting a segment of the workforce that earns in foreign currency but has faced limited access to tailored housing finance options.
The scheme is structured for Maldivians working in resorts, guesthouses, hotels, and safari vessels, with eligibility tied to those receiving income in US dollars. The product offers a financing rate of 7.5% per annum, positioning it among the lower-rate options currently available in the domestic market outside existing government-backed housing schemes.
The facility takes into account both salary and service charge income when assessing eligibility, reflecting the income structure common across the tourism industry. Applicants are required to route their earnings through Bank of Maldives, aligning the product with the bank’s broader approach to managing foreign currency inflows.
The introduction of the scheme indicates a targeted effort to bridge a structural gap in housing finance, particularly for tourism workers whose income profiles differ from those in the public sector or other domestic industries. By linking financing access to dollar earnings, the product also aligns with the bank’s ongoing emphasis on foreign currency-linked financial services.
A Shariah-compliant option is available through BML Islamic, allowing customers to access the facility under Islamic financing principles.
Applications for the scheme are available through the bank’s mobile banking platform.
