BML launches home financing facility at 7.5% interest for tourism sector workers

Bank of Maldives (BML) has announced the launch of a new home financing facility designed for employees in the tourism sector who earn income in US dollars.

In a statement on Thursday, the BML said the new product offers one of the lowest home financing rates available in the country at 7.5 percent per annum, excluding the Hiyaavehi financing scheme, providing tourism sector workers with an affordable pathway to homeownership across the Maldives.

BML’s CEO and Managing Director Mohamed Shareef said the new facility reflects the bank’s commitment to supporting the employees of the largest industry in the Maldives, and their families.

"This product is designed to make financing more accessible for resort, guesthouse, hotels and safari vessels employees, who play a vital role in the Maldivian economy, he said.

BML states that the facility is available to Maldivian nationals employed at resorts, guesthouses and hotel properties and safari vessels within the tourism sector, where remuneration is received in US dollars.

Income assessment will consider both salary and service charge income, which must be routed through BML.

The bank is also offering a Shariah-compliant version of the product through BML Islamic, ensuring the facility is accessible to all eligible customers in accordance with their preferred financing arrangements.

Customers can apply for the facility through the BML Mobile Banking App.

Additional information is available on the bank’s website.