Bank of Maldives (BML)'s Islamic Branch has upgraded its 'Home Improvement Financing' facility for social housing flat recipients to include cash payments.
The Shari'ah compliant financing facility for furnishing and finishing social housing units offers up to MVR 150,000 for recipients of social housing. The financing profit rate is 12 percent per annum, with up to five years of financing period. No further guarantees or securities are required.
BML Islamic Division's Interim Head, Hassan Kalaam said furnishing and other goods for the flats can be purchased through the facility without having to spend out-of-pocket. Although the facility originally only covered purchase of goods, the facility has now been upgraded to include cash payments to recipients to complete finishing works. Kalam said those who use the facility have the option to repay the bank sooner than the agreed repayment schedule. Discounts will be offered in such cases as per the bank's policies.
BML said applicants must own a flat, apartment or raw house through a social housing project to be eligible for the facility. If the property owner is not eligible, the facility can be availed for immediate family members with a verifiable income source to the bank.