The Bank of Maldives (BML) has introduced several changes to its housing financing products, aimed at increasing flexibility and accessibility for customers across the Maldives.

Under the Home Purchase Financing scheme, financing has been extended to include the purchase of land, garages, and parking spaces. Additionally, the equity requirement has been reduced to 10 per cent for projects valued at up to MVR 3 million.

Changes have also been made to Home Construction Financing, with the repayment period extended from 15 years to 20 years. The maximum financing amount has been increased significantly, from MVR 15 million to MVR 45 million. Furthermore, income generated from the project will now be considered in eligibility assessments.

For Home Build Financing, the maximum financing amount has been raised to MVR 2 million, while eligibility criteria have been relaxed to include new borrowers. The income requirement has also been reduced, allowing a broader range of customers to qualify.

According to the bank, these adjustments are designed to make homeownership more accessible by providing affordable financing solutions and longer repayment periods. BML states that it continues to offer the lowest home financing rates in the country and aims to provide more individuals and families with access to the necessary financial resources to purchase or build homes.