Personal Loans   New

Affordable Housing Loan

Affordable Housing Loan is specifically designed to finance purchase of flats for individuals who are not eligible for a loan on commercial terms. Customers can buy a property (non-luxury) below MVR 2.2 Million with this loan.

Key features

  • Repayment period up to 20 years
  • Interest Rate: 5%-6%
  • Own Contribution: 5%-20%
  • Use savings at pension fund to finance Equity contribution
  • Customers can apply jointly with a member of their immediate family (i.e., parents, spouse, and children)

How to apply

Submit Affordable Housing Loan Application to our Majeedhee Magu Branch, along with the required supporting documents as mentioned in the form.

We will then assess your application, and will be in contact with you for the next steps. Processing time for Affordable Housing Loan does vary based on individual applications and we will keep you updated throughout the process. Customers eligible for BML Home Loan under commercial terms will not be qualified for Affordable Loans. Equity contribution will be decided by the Bank based on the available balances on customer’s bank accounts in all the banks combined and balance available on retirement savings account at MPAO.