Home Loan

Key features

• Interest rate: 10%
• Equity: 20% which can be financed through pension fund
• No deposit required
• Longer and flexible grace period up to 24 months
• Repayment period up to 20 years

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

Am I eligible?

• You should be aged between 18 to 60
• You can apply individually or jointly
• You should earn sufficient income to cover loan repayment (rental income from the property being purchased will not be considered)
• Income must be routed to any bank account for past 12 months and minimum 1 month’s income must be routed to your BML account

How do I apply?

If you are in Male’ or Hulhumale’ submit the Home 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 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)

 Applicable fees:

• Application Fee: MVR 1,000 (Non-refundable)
• Processing Fee: 1.5% of loan amount 

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 a Home Loan varies based on individual applications and we will keep you updated throughout the process.