Home Purchase Financing

Key features

Based on the Shariah principle of Diminishing Musharakah financing
Financing is available at a lease rate of 9% p.a.
Equity of 20% is required, which can be financed via savings at Pension Fund
Financing period is up to 25 years, with a grace period up to 24 months
No additional deposit, security or guarantor required

Our Home Purchase Financing can also be used by existing home owners to buy another property.

Am I eligible?

To apply for this facility, you should:

Be a Maldivian aged between 18 years to 60 years at maturity
The facility can be availed individually or jointly
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 month’s income must be routed to your BML account.
Income from all sources such as salary, business income, rental income will be considered.
Repayment of all existing credit facilities should be satisfactory for the past 12 months

End-user financing projects

If you are purchasing an apartment, row house from a project that is under development / construction, project must be an approved project by the Bank. Projects currently approved are:

Developer Name	Project Name
Apollo Holdings Private Limited	Centreal-Homes by Apollo
Renaatus Projects Private Limited	STO Social Housing Project
SAS e-Glut Join Venture Private Limited	The Creek View
Sandal Mauritius Private Limited	Solitaire
Apex Reality Pvt Ltd	Luxaone – Odeon
Rainbow Mega Developers	Rain Coral
Housing Development Corporation Limited	Vinares
Rasheed Carpentry & Construction Private Limited	Blue Haven Mixed Residential
Sandal Mauritius Private Limited	One Central Park
Housing Development Corporation Limited	Reethigas Residence
NPH Development Private Limited	Aqua Vita
Keystone International Private Limited	N-156f Pure Residential Apartment

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 Booking Portal and arrange a time to visit our BML Islamic Male Branch located in Male.

Once an appointment is successfully made, you will receive an SMS with your appointment time to visit our BML Islamic Male Branch located in Male. If the appointment slots for the day are full, please try again for the next working day.

Appointments can be made from 8am on the day before each working day.

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

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

Application process

Once we receive your application, we will then assess your request and will be in contact with you for the next steps.

Processing time for BML Islamic Home Purchase Financing varies based on individual applications and we will keep you updated throughout the process.

BML Islamic Home Purchase Finance Application Form	Dhivehi
FAQ - BML Islamic Home Purchase Financing	Dhivehi

BML Islamic