Bank of Maldives (BML) has announced a significant reduction in the equity requirement for its Home Construction Financing, lowering the minimum own contribution to just 5 percent for projects valued at up to USD 194,550.
According to BML, this change marks a substantial decrease from the 20 percent equity requirement and is intended to enhance accessibility for home construction across the country.
BML’s Chief Executive Officer (CEO) and Managing Director Mohamed Shareef said as the national bank, BML is committed to playing a leading role in addressing housing challenges faced by Maldivian families. He added that reducing the equity requirement to 5 percent removes one of the biggest barriers to home construction, enabling more Maldivians to take the first step towards building their own homes.
For construction loans or financing exceeding USD 194,550, a minimum of 20 percent equity will be required. The bank continues to offer the lowest home purchase financing rates at just 9 percent. In 2025, the bank also lowered the equity requirement to 5 percent for customers purchasing homes.
BML said it remains committed to expanding access to financing solutions across the country, with a continued focus on meeting the evolving needs of its customers.