BML Raises Loan Limit for Home Construction in Islands to MVR 3 Million Without Additional Collateral

Bank of Maldives (BML) has announced that individuals building or renovating homes across the islands will now be able to access loans of up to MVR 3 million without requiring additional collateral...

Mohamed Hilmy

26 September 2025, 05:00

Under the new policy approved by BML’s Board, borrowers will not need to mortgage any property beyond the building under construction. Previously, such unsecured loans were capped at MVR 1 million for islands, while loans of up to MVR 3 million were only available in cities.

BML said the change was made after recognizing the rising costs of construction in the islands. The loan will be available at a 5 percent interest rate, with a repayment period of 20 years.

In addition to this scheme, the bank continues to offer a Home Equity loan, introduced last year, which allows customers to borrow up to the amount they have already paid toward existing loans. This facility is available for amounts above MVR 50,000 and also comes with a 20-year repayment term. Customers with active home financing arrangements can access the Home Equity loan at a 10 percent interest rate.

The bank emphasized that the decision reflects its commitment to making housing finance more accessible for Maldivians across all islands.

BML Raises Loan Limit for Home Construction in Islands to MVR 3 Million Without Additional Collateral

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