Bank of Maldives (BML) has shaken up its BML home construction financing scheme. Specifically, the bank now requires just 5% equity from customers, down from 20%. Moreover, this new rate applies to all projects worth up to MVR 3 million.
The bank wants to tackle one of the biggest hurdles facing Maldivian families. Previously, a customer building a MVR 2 million home needed to put up MVR 400,000 of their own money. However, under the new rules, that figure drops to just MVR 100,000. As a result, far more Maldivians can now realistically pursue home ownership.
Mohamed Shareef, CEO and Managing Director of BML, framed the decision as part of the bank’s national mandate. According to Shareef, BML sees housing access as central to its role. Furthermore, he stressed that cutting the equity threshold removes a major barrier for everyday customers.
For bigger projects above MVR 3 million, BML home construction financing still follows the old rules. In those cases, customers must contribute at least 20% equity. Meanwhile, the bank continues to charge 9% interest on housing loans. Notably, this remains the lowest housing finance rate in the country.
On top of the construction loan changes, BML also extended a 5% equity concession to home buyers throughout 2025. Consequently, the bank’s wider property financing range now looks far more attractive.
BML pledged to keep reviewing its products. The goal, the bank says, is to make BML home construction financing and other services accessible to as many customers as possible.