BML's new home building and home equity loans require no mortgage commitments and can go as high as MVR 1 million.
With the rise in demand for residential construction and renovations in the country, Bank of Maldives (BML) has announced special home building loans and home equity loans today.
The loans will be mortgage-free, enabling customers to access loans of up to MVR 1 million for home construction and renovation anywhere in the country.
BML will be charging an interest of nine percent for the home building loans, with a repayment period set at 15 years.
The bank's home equity loans are specifically aimed at its home loans and financing customers. These customers, who are required to have taken out loans above MVR 50,000, will be eligible for loan amounts determined by the payments made on their existing loans.
Home equity loans will have a repayment period of 20 years with a 10 percent interest rate.
Director of Retail and SME Banking Moosa Nimal said that these loans were introduced to help customers build their homes with ease.
He added that while no mortgage will be required for these loans, customers would also be able to build and renovate their homes at the best market rates as well.
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