BML extends tenor of home financing to 25 years

Bank of Maldives has extended its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers.

Managing Director Karl Stumke said that in 2021, BML reduced its Home Loan and Financing rates to 9%, which remain the lowest rate in the country. He said the recent announcement will further benefit home buyers with the extended repayment period of 25 years as well as an extended grace period of 24 months.

BML Home Purchase Loan and BML Islamic Home Purchase Financing are offered with 20 percent equity at a rate of 9 percent. The facilities can also be used by existing homeowners to buy another property. The new changes will be effective for applications received from August 1.