Bank of Maldives (BML) has introduced a new loan and financing product to provide easy access to finance for recipients of the Hiyaa social housing scheme.
BML revealed the new Home Improvement Loan offers customers financing from USD 1,623 to a maximum of USD 9,742 for the finishing and furnishing requirements of the new flats. The unsecured loan is available at a lower interest rate of 12% with a 5-year repayment period, according to BML.
CEO and Managing Director of BML Tim Sawyer said the announcement will be positive news for the recipients of the Hiyaa flats, during the current challenging period with uncertainties arising from the pandemic.
In addition to the loan for Hiyaa flat recipients, BML also announced Home Improvement Loan Plus, available to finish and furnish other flats and row houses purchased from private developers. Eligible customers can borrow from USD 1,623 to USD 19,484 without additional security for a 5-year tenor.
With an interest rate of 12%, the loan is lower than the existing unsecured loan products of BML.