The Bank of Maldives (BML) introduces Islamic Home Improvement Financing services aimed to individuals requiring financial assistance in completing apartments awarded through social housing projects.
Moreover, the bank confirms that their latest finance facility is interest-free and will assist individuals in buying necessary household items including furniture or appliances.
Furthermore, the facility is applicable for anyone who has been awarded housing under social housing projects across any atoll or islands in the Maldives.
In addition to this, as per the Interim in Charge of BML Islamic Banking Division notifies that the customers requesting the financing facility to include an additional person with the owner of the property will receive the opportunity upon request.
Moreover, the financing facility also ensures customers on acquiring goods and withdrawal of cash without spending money out of pocket.
According to BML, their Islamic Home Improvement Financing offers a maximum of MVR150,000 to applicants with a repayment period of 5 years. Additionally, customers who wish to pay their loan before the 5-year period will be provided with the opportunity upon request as well subject to discount as per BML policy.
Customers applying for the finance facility in Male’ will be able to proceed with it through BML Islamic Male’ branch and customers residing in other islands can apply from their respective BML branches.
For the purchases customers wish to make towards their apartments, customers can mail their quotation copies in PDF file format to [email protected].