Bank of Maldives (BML) has introduced new loan products aimed at housing. The loan introduced by BML encompasses Home Build loans and Home Equity loans, in response to the increasing demand for loans for house development and renovation.
Regarding the introduction of these loans, the Director of Retail, Business and SME Banking of BML Moosa Nimal stated that this initiative was undertaken to facilitate easy access to finance for the customers.
The Home Build Loans formulated by BML grants customers to borrow up to USD 64,80 without mortgage. Noting that this sum is adequate for the construction of residences in any region of the country, BML stipulated that the loan repayments must be completed within a timeframe of 15 years.
BML introduced the Home Equity Loans, targetting customers who previously applied for Home Loan and Financing. The new loan allows customers can be issued loans up to the amount paid for the loan. Decisions have been made such that this loan will be issued to customers borrowing over USD 3,243, and the repayment of the loan should be completed within a period of 20 years.
BML revealed that BML Islamic customers can also request for Home Build loans and Home Equity loans.