Over the past year, loans lent by Bank of Maldives (BML) to the housing sector reached MVR 1 billion.
Moosa Nimal, BML’s Head of Retail Banking, stated in an interview to Avas that BML is currently lending more than ever for Maldivians to own homes, and that the Bank had lent MVR1 billion in the last year for housing.
“Within the past year, the loans we have lent for the housing sector has exceeded MVR 1 billion. Our target is not just a particular region, but to reach the entire country and be a part of improving the lives of every Maldivian family.” Nimal states.
BML offers a variety of loans targeting the housing sector. This includes Home Loan, Home Construction Loan, and Real Estate Loan. Additionally, BML Islamic also finances home purchases and home constructions.
“With the changes to our products, BML is lending more loans than ever to the housing sector. Our housing loan products have benefited thousands of individuals and families who are looking to own homes.” Nimal states.
With the numerous flats being built by the government and private companies in both Male’ and Hulhumale’, MMA along with Banks introduced the Affordable Housing Scheme for those who are looking to purchase flats at a lower cost.
Nimal stated that the Affordable Housing Loan is a good option for individuals who are looking to purchase flats at reasonable prices, with an interest rate of only 5%. Repayments for the loan can be made over a period of 25 years.
“If a customer wants to repay their loan earlier than this period, the option is also made available. Moreover, customers’ can use their pension fund as part of the 20% equity required to acquire the loan. For the Home Loan designed for those looking to purchase apartments, flats or row houses, the equity remains the same at 20% with a repayment period of 20 years.” said Nimal.
An interest of 5% is the lowest interest rate so far for a housing loan facility in the Maldives.
