Home Construction Financing

Key features

• Financing is available from MVR 50,000 up to MVR 15 Million
• Financing period up to 15 years, with a grace period up to 12 months
• No deposit required
• Minimum equity of 20% is required
• Apply jointly with others. At least one applicant should have a legal connection to the property.
• Lease rates vary with the equity invested:
  
  20% equity: 10.5% p.a
  35% equity: 10.25% p.a.
  50% equity: 10% p.a.

Am I eligible?

To apply for this facility, you should:

• Be a Maldivian aged between 18 years to 60 years.
• Either own a land, or should be the child or parent of the land owner.
• Earn sufficient income to cover the facility monthly repayment (rental income from proposed project will not be considered).
• Income must be routed to any bank account for past 6 months and most recent months’ income must be routed to your BML account.
• Income from all sources such as salary, business income, rental income will be considered.
• Client should be a BML Customer with at least 12 months account operation.
• Repayment of all existing credit facilities should be satisfactory for the past 12 months.

Applicable Fees

• Application Fee: MVR 1,000 (Non-refundable)
• Processing Fee: 1.5% of the financing amount

How do I apply?

If you are in Male', you can make an appointment through our Appointment Portal and arrange a time to visit our BML Islamic Financing Centre located in Male.

Once an appointment is successfully made, you will receive an SMS with your appointment time to visit the Bank. Appointment slots are available for next 10 working days. If the appointments are full, please try again for the next working day.

If you are in the below listed area, take a token through QueueBee to visit the relevant branch to submit BML Islamic Education Financing application form along with required documents.

Hulhumale’ - Visit Hulhumale’ Branch

Hithadhoo - Visit Hithadhoo Branch

Gan - Visit Gan Branch

Mahibadhoo - Visit Mahibadhoo Branch

Kulhudhuffushi - Visit Kulhudhuffushi Branch

Eydhafushi - Visit Eydhafushi Branch

If you are residing in any other island, visit the nearest branch and submit BML Islamic Education Financing application form along with required documents.

Our BML Islamic Financing Centre and branches outside Male’ are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays).