The Bank of Maldives (BML) has announced a revision to its home purchase financing policy, reducing the minimum equity requirement to 5%.
The adjustment marks a significant change from the earlier tiered structure, which began at 20% equity for home loans and financing. According to the Bank, the move is intended to ease one of the main barriers for prospective homeowners.
Explaining the impact of the revision, BML noted that for an apartment valued at MVR 3.5 million, the required equity contribution will now be MVR 175,000 instead of the previous MVR 700,000.
In addition to this change, the Bank recently removed the requirement for additional collateral on housing construction finance up to MVR 3 million for projects on any island.
BML’s CEO and Managing Director, Mohamed Shareef, said the measure was part of efforts to support more Maldivian families in accessing housing opportunities.
