# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/bml-approved-developments-end-user-financing
Published: 2026-10-18T07:27:31.990Z · Updated: 2026-10-18T07:27:31.990Z · Event date: 2026-10-18

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](/project/bayfancy) |
| 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](/project/blue-lagoon-luxury-residences) |

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

1. Check the development is on the **current** list; BML updates it.
2. Ask the developer how payments are timed against the bank's disbursements.
3. Read our [buyer's guide to the terms](/bml-home-purchase-financing-explained) and the piece on the grace period.

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

## Sources
- www.bankofmaldives.com.mv/personal/financing/home-purchase-financing (BML Home Purchase Financing product page, read 18 October 2026) (https://www.bankofmaldives.com.mv/personal/financing/home-purchase-financing (BML Home Purchase Financing product page, read 18 October 2026))
- atolltimes.mv/post/business/10376 (Atoll Times, 6 November 2024: Aséria end-user financing) (https://atolltimes.mv/post/business/10376 (Atoll Times, 6 November 2024: Aséria end-user financing))
- edition.mv/business/41494 (The Edition, 27 May 2025: Bayfancy Residence and BML) (https://edition.mv/business/41494 (The Edition, 27 May 2025: Bayfancy Residence and BML))
- kandoofaamv.com/news/ (Kandoofaa Investments, 20 April 2026: Kandoofaa Ecoplex approved for BML end-user financing) (https://kandoofaamv.com/news/ (Kandoofaa Investments, 20 April 2026: Kandoofaa Ecoplex approved for BML end-user financing))

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