Home Purchase Loan

Key features

• Interest rate: 9%
• Minimum equity of 10% - 20% of the total project cost, based on loan amount. Equity can be financed by pension fund.
• Loan amounts up to MVR 3 million – Equity:10%
• Loan amounts between MVR 3 to 5 million – Equity:15%
• Loan amounts from to MVR 5 million – Equity:20%
• Longer and flexible grace period up to 24 months
• Repayment period up to 25 years
• No additional deposit, security or guarantor required

Our Home Purchase Loan can also be used by existing home owners to buy another property, garage/parking space or a Land.

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, 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 loan 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 Loan Center 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 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 the Home Purchase Loan 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 Home Purchase 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.