Bank of Maldives (BML) has launched two new home loan products, the Home Build Loan and the Home Equity Loan to cater to the growing customer needs for home construction and renovation.
According to BML, the new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. With a repayment period of over 15 years, this is ideal for renovation projects or larger home construction projects across the country.
For the first time, the Bank has also introduced its Home Equity Loan for existing Home Loan and Financing customers. This new loan enables customers to borrow up to the repaid amount, or the usable equity, of the primary loan. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.
BML's Director of Retail and SME Banking, Moosa Nimal said the products are designed to make access to finance easier for the bank's customers across the country. The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Meanwhile, the Home Equity Loan offers the bank's existing home financing customers to access usable equity available on their property, at a low rate of just 10 percent, he said.
Home Build Financing and Home Equity Financing are also available for BML Islamic customers.
