5% down: what Bank of Maldives' equity cut means on a real price list

For years the hardest part of buying a flat in Greater Malé was not the monthly payment but the deposit. Bank of Maldives (BML) asked buyers to put in 20% of the price themselves. On 1 October 2025 it cut that to 5% for Home Purchase Financing.

How the requirement came down

• Before February 2025: a tiered structure starting at 20% equity.
• 10 February 2025: 10% for projects up to MVR 3 million, alongside a longer term and a higher ceiling.
• 1 October 2025: 5% for Home Purchase Financing.

BML's own example: a flat at MVR 3.5 million needed MVR 700,000 at 20%; at 5% it needs MVR 175,000.

On today's prices

What the cut does not change

• The monthly payment goes up. Borrowing 95% instead of 80% means a larger balance. At 9% over 25 years, each MVR 1 million costs about MVR 8,400 a month. On the Bayfancy example, financing 95% rather than 80% adds about MVR 4,700 a month.
• Your income still has to cover it. BML assesses whether your income meets the repayment, and it does not count the rent from the home you are buying.
• The developer's terms are separate. Many developers want staged payments during construction. Check how those line up with what the bank will pay and when.

The real day-one cash

On a MVR 3.75 million flat, budget at least:

• Equity: MVR 187,500.
• Processing fee: 1.5% of the amount financed, about MVR 53,400.
• Application fee: MVR 1,000, not refunded if you are declined.
• Transfer and registration costs, and anything the developer charges at booking.

Using your pension

BML says the equity can be financed through the Pension Fund, under the rules of the Maldives Pension Administration Office. Ask both BML and the pension office what you can draw, and how long it takes, before you commit to a booking date.

Figures as published by Bank of Maldives; examples are our estimates. General information, not financial advice.