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 20 years, with a grace period up to 18 months   
• No additional deposit, security or guarantor required  

Our Home Purchase Financing can also be used by existing homeowners 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
• Be a BML Customer with at least 12 months account operation.

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:

• One Central Park by Sandal Mauritius Pvt Ltd
• Blue Hevan by Rasheed Carpentry & Construction
• Vinares by Housing Development Corporation Ltd
• Reethigas Residence by Housing Development Corporation Ltd
• N-156F Pure Residential Apartment by Keystone International Pvt Ltd
• Aqua Vita by NPH Development Pvt Ltd
• Fitron Residence by Muni Enterprises Pvt Ltd
• Aira Residence by Ensis Fisheries Pvt Ltd
• Rain Coral by Rainbow Mega Developers Pvt Ltd

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 Purchase 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).