How Bank of Maldives' home financing changed, 2021 to 2026

Five years ago, buying a flat with a Bank of Maldives (BML) loan meant 20% down and up to 20 years. Today it means 5% down, 25 years, and an Islamic contract. Here is how it changed.

The timeline

• December 2021: the rate falls to 9%. For new applicants and for refinancing from other lenders, on apartments and row houses anywhere in the Maldives. BML has held 9% since.
• August 2023: 25 years and a 24-month grace period. The term grew to 25 years and the grace period to 24 months, still at 9% and 20% equity.
• May 2024: two loans for existing owners.
  • A Home Build Loan: up to MVR 1 million without extra security, over more than 15 years.
  • A Home Equity Loan: borrow against what you have repaid, from MVR 50,000, over 20 years at 10%.
• February 2025: a wider product.
  • Financing now covers land, garages and parking.
  • Equity down to 10% for projects up to MVR 3 million.
  • Terms extended, and the ceiling raised from MVR 15 million to MVR 45 million.
  • Income from the project considered for construction, and the income requirement eased.
• 1 October 2025: 5% down. Home Purchase Financing equity cut to 5%. On a MVR 3.5 million flat, MVR 175,000 instead of MVR 700,000.
• October 2025: Hiyaavehi. BML began approving the government's subsidised building scheme: 5% over 25 years, the building itself the only collateral.
• November 2025: affordable housing. Land agreed for about 3,000 lease-to-own homes under the MMA's affordable housing rule, built through a new BML subsidiary. Construction began in January 2026.
• 8 April 2026: 5% down to build. Construction financing equity cut to 5% for projects up to MVR 3 million.
• 23 April 2026: 7.5% in dollars. Home financing for tourism workers and other USD earners, repaid in dollars.
• 13 September 2026: Islamic first. All new personal financing processed on Islamic principles. Home financing is now Diminishing Musharakah, with conventional banking available on request.

What it adds up to

For a buyer of a new flat in Greater Malé, the barriers have moved:

• The deposit is now small: 5%.
• The term is long: 25 years.
• A grace period covers the build.

What decides whether you can buy is now mostly your monthly income: about MVR 8,400 a month for every MVR 1 million financed at 9% over 25 years.

The rate has not moved in five years. If BML's base rate changes, so may yours. Ask how your rate is set before you sign.

General information, not financial advice.