# Beyond the 9%: the fees and charges on a Bank of Maldives home financing

> The rate is only part of the cost. Bank of Maldives charges a MVR 1,000 application fee and 1.5% for processing, 2% on large early repayments, and more if you fall behind. The full list from its October 2026 schedule of charges, with what each would cost on a typical flat.

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

Most buyers compare banks on the headline rate. The schedule of charges matters as much: what you pay to apply, to settle early, and if you fall behind. Here is what Bank of Maldives (BML) publishes in the **60th edition** of its BML Islamic Schedule of Charges and Fees, in force from **5 October 2026**. That schedule now covers all new personal financing.

## How the rate is set

BML prices financing as a **base rate plus or minus a margin**. Your exact margin is in your financing documents.

| | Rufiyaa | US dollars |
|---|---|---|
| Base rate | 10% a year | 9.5% a year |
| Home Purchase Financing | base − 1% = **9%** | base − 2% = **7.5%** |
| Home Construction Financing | base − 0.5% to base + 0.5% (9.5% to 10.5%, by equity) | |
| Real Estate Financing | base + 0.25% to base + 1% (by equity) | |
| Home Equity Financing | 10% | |

Because the rate is tied to the base rate, **ask whether your rate is fixed or can move** if BML changes its base rate.

## Fees when you apply

- **Application fee: MVR 1,000,** paid when you apply and not refunded if you are declined.
- **Processing fee: 1.5% of the amount financed.** On MVR 3.56 million that is about **MVR 53,400**.

## Paying off early

Under Diminishing Musharakah, early repayment is a **prepayment revaluation**: **2% of the amount prepaid** on prepayments above **MVR 1 million** (or USD 100,000) made earlier than 60 days before they are due. Repaying MVR 1.5 million early would cost about MVR 30,000. Sell or refinance with that in mind.

## If you fall behind

- **Day 1 to 89:** the price of the bank's share rises by **0.5% a month** above your agreed rate, on the overdue payments.
- **From day 90:** **5% a year** above your agreed rate, on everything outstanding.
- **Recovery fee,** if it comes to that: 0.25% of the outstanding amount, up to MVR 65,000 on secured financing.

## Our view

None of these are unusual, and BML publishes them openly. Add the **processing fee to your day-one budget**, keep a cushion of **three months' payments** so a late month never reaches day 90, and **plan any large early repayment** around the 2% charge.

*From BML's Schedule of Charges and Fees, 60th edition, effective 5 October 2026. General information, not financial advice.*

## Sources
- www.bankofmaldives.com.mv/storage/file/369/11511/schedule-of-charges-bml-islamic-en.pdf (BML Islamic Schedule of Charges and Fees, 60th edition, effective 5 October 2026) (https://www.bankofmaldives.com.mv/storage/file/369/11511/schedule-of-charges-bml-islamic-en.pdf (BML Islamic Schedule of Charges and Fees, 60th edition, effective 5 October 2026))
- 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))

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