National bank, Bank of Maldives (BML) has announced the reduction of its Home Loan interest rates to 9%, the lowest rate available in the country.
The reduced rate is available for customers applying for new loans or looking to refinance their existing loans in other financial institutions. Customers can purchase apartments and row houses anywhere in the country with a repayment period of 20 years with BML’s Home Loan.
BML CEO Tim Sawyer said the bank is pleased to be in a position to announce rate reductions for a number of products in its loan portfolio. The low interest rate will result in substantial savings for home buyers, he said
Providing an example, Mr. Sawyer said for a MVR 3 million loan, customers can expect to save about MVR 500,000. He added that the bank's Kiyavaa Loan rate has also been reduced, and further eases have been provided for Lifestyle Loan eligibility.
The Bank has reduced the interest rate for Kiyavaa Loan to 9% to provide financial support to the students pursuing higher education. Further changes were also made to the secured Lifestyle Loan which now allows customers with all types of verifiable income to be eligible for the loan.
The new rates will be effective for loans approved from 1st December 2021 and will also be reflected in the Shari’ah compliant products available from BML Islamic.
As a further improvement, the Bank also announced all personal unsecured loans including Vehicle, Green and Lifestyle loans are now available to apply online via Internet and Mobile Banking.
