BML announces major cut in equity requirement to boost home construction nationwide

Bank of Maldives has reduced the equity requirement for its Home Construction Financing to just five percent for projects valued up to MVR 3 million.

The bank said the change marks a major reduction from the previous 20 percent requirement and is aimed at making home construction more accessible for families across the country.

BML CEO and Managing Director Mohamed Shareef said the bank is committed to addressing housing challenges faced by Maldivian families. He noted that lowering the equity requirement removes one of the biggest barriers to starting construction.

“A construction project valued at MVR 2 million would now require MVR 100,000, down from MVR 400,000, making it significantly easier for customers to begin their projects,” Shareef said, highlighting the impact of the change.

For construction financing above MVR 3 million, the minimum equity requirement will remain at 20 percent.

BML said it continues to offer the lowest home purchase financing rate in the country at nine percent. The bank also reduced the equity requirement for home buyers to five percent last year.

The bank stated that it remains committed to expanding access to financing solutions and meeting the evolving needs of customers nationwide.