Bank of Maldives (BML) has announced on the reduction of the bank’s Home Loan interest rates to 9%; making it the lowest rate on a bank issued loan available in the country.
Moreover, the reduced rate is available for customers who are applying for new loans or looking to refinance existing loans in other financial institutions.
In addition to this, customers can purchase apartments or row houses anywhere in the country with a repayment period of 20 years with the Home Loan.
Speaking about the reduction of interest rates in the bank’s Home Loan, BML CEO Mr. Tim Sawyer commented “we are pleased to be in a position to announce rate reductions for a number of products in our loan portfolio. We now offer the country’s lowest interest rate for home loans which will result in substantial savings for home buyers.”
“For a MVR3 million loan, for example, customers can expect to save about MVR500,000. Our Kiyavaa Loan rate has also been reduced and we have also eased Lifestyle Loan eligibility from today,” added Mr. Sawyer.
As such the bank has also reduced the interest rate for Kiyavaa Loan to 9% to provide further financial support to the students pursuing higher education.
In addition to this, changes made to the Lifestyle Loan now allow customers with all types of verifiable income to be eligible for the loan.
Bank of Maldives (BML) further reported that the new interest rates will be effective on loans approved from 01st December 2021 onward, and will be reflected in the Shari’ah compliant products available from BML Islamic.
Meanwhile, the bank also confirmed that all personal unsecured loans including Vehicle, Green and Lifestyle loans are now available to apply online via both Internet and Mobile banking.