Bank of Maldives (BML) has reduced the equity requirement for its Home Construction Financing scheme to 5 per cent for projects valued up to MVR 3 million, in a move aimed at improving access to housing finance.

The bank said the change marks a reduction from the previous 20 per cent requirement, lowering the upfront contribution needed from customers and enabling more individuals to begin home construction. A project valued at MVR 2 million would now require an equity contribution of MVR 100,000, compared to MVR 400,000 previously

For financing above MVR 3 million, the bank stated that a minimum equity requirement of 20 per cent will continue to apply. BML also noted that it offers home purchase financing at rates starting from 9 per cent, and had earlier reduced equity requirements to 5 per cent for home purchases in 2025.

The bank stated that the initiative forms part of its ongoing efforts to expand access to financing and support housing development across the country.