# Paying for a flat that is still being built: Bank of Maldives' 24-month grace period

> Bank of Maldives lets buyers defer full repayments for up to 24 months. Pay only the lease payments, or nothing at all with the payments added later. On a MVR 3.56 million financing the choice is worth thousands a month for the next 23 years. How each option works.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/bml-grace-period-buying-off-plan
Published: 2026-10-18T07:27:31.990Z · Updated: 2026-10-18T07:27:31.990Z · Event date: 2026-10-18

When you buy a flat that will not be finished for a year or two, you can end up paying for a home you cannot live in or let. Bank of Maldives (BML) eases this with a **grace period of up to 24 months** on Home Purchase Financing. It has offered 24 months since August 2023.

## The two options

BML publishes two ways to use the grace period:

1. **Pay lease payments only.** You pay the monthly lease (the profit portion) but none of the purchase of the bank's share. Full payments start after the grace period.
2. **Pay nothing during the grace period.** The lease payments that build up are **added to your monthly payments** for the rest of the term.

## What the choice costs

Our estimate, on **MVR 3,562,500** financed at **9%** (a Bayfancy 1+1 at MVR 3.75 million with 5% down), taking the full 24 months:

| | During the grace period | After it, for 23 years |
|---|---|---|
| Option 1: lease payments only | about MVR 26,700 a month | about MVR 30,600 a month |
| Option 2: nothing now | MVR 0 | about MVR 36,100 a month |

Option 2 frees about MVR 640,000 of cash over two years, but costs about **MVR 5,500 more every month for 23 years** afterwards. The bank's financing documents set the exact figures.

## Matching the grace period to the building

- **Know the handover date,** and how it has moved. Bayfancy Residence, for example, now gives **30 June 2027**, later than first planned. A grace period that ends before you can move in or let the flat leaves you paying in full for an empty home.
- **Ask when the bank pays the developer:** in stages against construction, or in full. That decides when your lease payments begin.
- **If you are buying to let,** remember BML does not count the future rent from the home you are buying when it assesses your income.

*Terms as published by Bank of Maldives on 18 October 2026; payment figures are our estimates. 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/4855 (Atoll Times, 1 August 2023: tenor extended to 25 years and grace to 24 months) (https://atolltimes.mv/post/business/4855 (Atoll Times, 1 August 2023: tenor extended to 25 years and grace to 24 months))

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