BML Introduces New Housing Loans and Financing Options

The newly introduced Home Build Loan allows individuals to borrow up to MVR 1 million without requiring additional security. With a repayment period extending over 15 years, this loan is tailored for renovation projects or large-scale home construction ventures across the nation.

In a first-time offering, the Bank has also launched the Home Equity Loan, specifically designed for existing Home Loan and Financing clients. This unique loan empowers customers to borrow up to the repaid amount, or the usable equity, of their primary loan. The Home Equity Loan is available for borrowings exceeding MVR 50,000, with a repayment duration of 20 years.

Moosa Nimal, Director of Retail and SME Banking at BML, emphasized that these products are crafted to streamline access to finance for customers nationwide. The new Home Build Loan, devoid of any additional security requirements, enables customers to embark on home construction or renovation projects at competitive market rates. Meanwhile, the Home Equity Loan offers existing home financing customers the opportunity to tap into the usable equity of their property at a minimal rate of just 10 percent.

Both Home Build Financing and Home Equity Financing options are also accessible to BML Islamic customers.