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.   
• Minimum Equity of 10% - 20% based on total project cost which can be financed by 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, garage/parking space or a land

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, garage/parking space from a project that is under development / construction, project must be an approved project by the Bank. Projects currently approved are:

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 Finacing 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 Home Purchase 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 Home Purchase 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).

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.