Home Construction Financing

Key features

• Financing is available from MVR 50,000 up to MVR 15,000,000.
• Financing period up to 15 years, with a grace period up to 12 months
• 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 (If above 60 years at the time of application submission, application can be submitted in joint capacity).
• 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 to apply for Home Construction Financing through our Booking Portal and our staff will contact you to arrange a date and time. If the appointment slots for the day are full, please try again for the next working day. Appointments can be made from 12am on the day before each working day.
• If you are outside of Male’ please submit the Application Form along with required documents to the nearest Branch.
• Our BML Islamic Male’ Branch and Branches outside Male’ are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays).