Home Purchase Loan

Key features

• Interest rate: 9%
• Equity of 20% is required which can be financed by Pension Fund
• Longer and flexible grace period up to 18 months
• Repayment period up to 20 years
• No additional deposit, security or guarantor required

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

Am I eligible?

• Must be a Maldivian aged between 18 to 60 years
• The facility can be availed individually or jointly
• Earn sufficient income to cover the loan repayment (rental income from the property being purchased 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 from a project that is under development / construction, project must be an approved project by the Bank. Projects currently approved are:

Developer Name	Project Name
Rainbow Mega Developers	Rain Coral
Housing Development Corporation Limited	Vinares
Rasheed Carpentry & Construction Private Limited	Blue Haven Mixed Residential
Sandal Mauritius Private Limited	One Central Park
Housing Development Corporation Limited	Reethigas Residence
Ensis Fisheries Private Limited	Aira Residence
Muni Enterprises Private Limited	Fitron Residence
NPH Development Private Limited	Aqua Vita
Keystone International Private Limited	N-156f Pure Residential Apartment

Applicable fees

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

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)

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.