Revamp, renovate or build your new home with our Construction Loan
o 20% Equity at Interest Rate 10.50%
o 35% Equity at Interest Rate 10.25%
o 50% Equity at Interest Rate 10%
To apply for this loan, you should
If you are in Male’ or Hulhumale’ submit the Home Construction Loan application form along with required documents to BML Loan Centre or Hulhumale’ Branch.
If you are residing in any island, visit the nearest branch and submit Home Construction Loan application form along with required documents.
Our Loan Centre and branches are open from 8:30am to 2:00pm, Sundays to Thursdays (except public holidays)
Please note that this is an estimate, and may differ from the actual repayment amount.
Take a look at the checklist at the end of the Application Form for the complete set of documents you require. Documents relating to the property you intend to build, the investment you have already made and the total project value among others will be needed as part of our assessment.
Equity is what you are required to invest as part of your contribution to the project and it is given as a percentage of your project. For the Home Construction loan, you require equity of 20%. This can be raised through your savings or can be part of the funds already invested in the project.
We’re happy to help you with your loan application. Make an appointment to visit our Loan Centre if you’re in Male’ by calling 3330200 or ask any of our team members at a branch near you.