Bank of Maldives (BML) has announced positive changes to their recently introduced Home Improvement Loan in order to facilitate easy access finance for Hiyaa social housing scheme recipients.
As per the national bank of the island nation, with the new changes customers can now apply for the home improvement loan with joint borrowers who have verifiable income.
Moreover, in order to be eligible as a joint borrower, they must be an immediate family member with a legal connection to the property owner and could be either a spouse, children, siblings, parents or even grandparents to the property owner.
The Home Improvement Loan facility offers financing from MVR25,000 up to a maximum of MVR150,000 which can be used towards finishing and furnishing requirements of the new Hiyaa flats.
Furthermore, BML reports that the unsecured loan is available at a lower interest rate of 12% with a 5-year repayment period.
BML had also announced changes to Home Improvement Loan Plus which is available to finish and furnish other flats and row houses purchased by private developers, with eligible customers standing to receive financing from MVR25,000 up to MVR300,000 without additional security for a 5-year tenor.
Furthermore, the Home Improvement Loan Plus comes with an interest of 12% which is lower than the bank’s existing unsecured loan products.
Additionally, BML had affirmed the changes to the loan schemes will extend to their BML Islamic Home Improvement Financing and Home Improvement Financing Plus facilities.