Bank of Maldives (BML) has announced that they have lowered the home construction loan equity.
Speaking at today’s press conference, BML’s CEO and MD Tim Sawyer o announced a reduction in equity required for Home Construction loans. From today, new Home Construction loans/financing will require 20% of equity.
Previously, BML charged 30% as financing equity for home construction loans.
Home Construction loan is given to Maldivians of age between 18 to 60 years to assist them in purchasing lands and building homes.