Skip to content

Rules & rates

The developments Bank of Maldives will finance before they are finished

To finance a flat that is still being built, Bank of Maldives must have approved the development. Its published list names more than thirty projects, from Bayfancy and Blue Lagoon in Hulhumalé Phase 2 to Solitaire, Aqua Vita and Kandoofaa. Here is the list, and what approval does and does not mean.

By Binga Concierge Published 18 October 2026 2 min read

Illustration from Binga's stock library: a lounge with a curved sofa among palms. Not the building in this story.

Most new homes in Greater Malé are sold before they are finished. If you want Bank of Maldives (BML) to finance one, the bank has to have approved the development for end-user financing. Its rule, in its own words: if you are buying an apartment, row house, garage or parking space in a project under development or construction, the project must be approved by the bank.

The approved list (October 2026)

As published on BML's Home Purchase Financing page on 18 October 2026, grouped by developer. The names are as BML lists them.

Developer	Development
Apex Reality	LUXERA Nadhee; Luxaone – Odeon
Apollo Holdings	Apollo Central N3-55C; Centreal Homes by Apollo; Centreal Homes – Jade Residence (Tower D)
AMZ Developers	Aafaluge (Malé)
Batch Construction	Aséria Homes & Townhouses
Bayfancy Pte Ltd	Bayfancy Residence
Big Hat Logistics	Oasis Residence
Fedo Construction	The Rise
FW Construction Company	Waterfront Residences
Housing Development Corporation	Vinares; Reethigas Residence
Kandoofaa Investments	Kandoofaa Residence
Keystone International	N-156f Apartment
Landmark Development	M. Bilimagugasdhoshuge
NPH Development	Aqua Vita
Pan Real Estate	Kudadhumaari Villa'; Fus Residence
Rainbow Construction / Rainbow Singhal / Rainbow Mega Developers	Rain Palm; Rain Pearl; Rain Coral
Rasheed Carpentry & Construction	Blue Haven; Maaveyru Kudahuvadhoo
Renaatus	Renaatus Irumathi; Renaatus Javaahiru; STO Social Housing Project
Ruhgandu Hotels and Resorts	Kandoofaa Ecoplex
Sandal Mauritius	Solitaire; One Central Park
SAS e-Glut Joint Venture	The Creek View
Varindera Construction International	Blue Lagoon

Three approvals were also announced publicly when they were granted:

Aséria, November 2024.
Bayfancy Residence, May 2025, when BML was named the project's mortgage partner at the Maldives Expo.
Kandoofaa Ecoplex, April 2026, announced by the developer.

What approval means

BML has looked at the development and is prepared to finance individual buyers in it before completion.
You can apply for Home Purchase Financing for a home there on the bank's normal terms: up to 9%, 5% equity, up to 25 years.
You may be able to use the 24-month grace period while the building is finished.

What approval does not mean

It is not a guarantee of the building: its quality, its completion date or its price.
It does not approve you. Your own application is assessed on your income and credit history.
A development not on the list is not necessarily a bad one. It means BML will not finance it before completion. Other lenders keep their own lists, and finished homes do not need approval.

Before you pay a deposit

Check the development is on the current list; BML updates it.
Ask the developer how payments are timed against the bank's disbursements.
Read our buyer's guide to the terms and the piece on the grace period.

List as published by Bank of Maldives on 18 October 2026. General information, not financial advice.

Ask the concierge which approved development fits your budget

Sources and method

Prices are asking prices as listed through Binga unless marked achieved, and are dated. Developer descriptions are reported as the developer's own. Facts the desk could not verify are left out. Spotted an error? Write to hello@binga.mv; corrections are noted at the foot of the piece.

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.