Bank of Maldives (BML) has loaned over MVR 1 billion to the housing sector in 2017.
Speaking about housing sector loans, BML’s Head of Retail Banking, Moosa Nimal stated that the bank is lending more than ever to aid Maldivians combat housing issues and own or build their own homes.
“BML home loans in the past year exceed MVR 1 billion. We are not targeting a specific region, but the nation as a whole. Our aim is to be part of the effort to improve the lives and households of every Maldivian family,” Nimal stated.
BML loans in the housing sector include Home Loans, Home Construction Loans, and Real Estate Loans. BML customers can also finance home purchases and home constructions with BML Islamic at a 5% interest rate.
Under the initiative by Maldives Monetary Authority and the banks to provide affordable housing to Maldivians, citizens can purchase flats from private builders.
Nimal stated that people who wish to make home purchases through the affordable housing loan can purchase properties at a 5% interest rate with repayment periods up to twenty five years.
“Customers who wish to repay their loans sooner than the repayment periods have the option to opt for a shorter repayment period. To make it easier for our customers, they can use their pension funds as part of the 20% equity required to acquire the loan. Customers who opt for home loans for apartment, flat or row house purchases have to provide 20% equity with a repayment period of twenty years,” Nimal stated.
The 5% interest rate for housing loans under the affordable housing loan is by far the lowest interest rate for a housing loan in the Maldives.
“With the new changes to our products, BML has lent more loans than ever before. Numerous individuals looking to own their own home have benefited from our housing loans,” Nimal added.