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BML Islamic Affordable Housing Finance

BML Islamic Affordable Housing Finance is specifically designed to finance purchase of flats for individuals who are not eligible for a financing facility on commercial terms. Customers can buy a property below MVR 2.2 Million with this financing facility. The facility is offered under the concept of Diminishing Musharaka and conforms to Shari’ah laws specifically related to financing, ownership and trade.

Key features

  • Fully Shari’ah Compliant
  • Repayment period up to 20 years
  • Lease Rate: 5%
  • Equity: 20%
  • Use savings at pension fund to finance Equity contribution
  • Customers can apply jointly with a member of their immediate family (i.e., parents, spouse, and children)

How is BML Islamic Affordable Home Financing Shari’ah compliant?

This facility is offered through Islamic financing contract Diminishing Musharaka (Reducing Partnership) between the Bank and the customer, where the customer and the Bank contribute capital to become joint-owners of the project. The customer would pay the Bank both a monthly rental and a payment to acquire the Bank’s capital in the partnership. Upon maturity of the financing, customer will own 100% share of the project and close the contract.

How to apply

Submit completed Home Purchase Affordable Home Financing Application Form and all supporting documents to BML Islamic Male’ Branch or any other BML branch located outside Male’.

After assessing the application, we will be in contact with you for the next steps. Processing time for Affordable Home Financing facilities can vary based on individual applications and we will keep you updated throughout the process.