Paid in dollars? Bank of Maldives' 7.5% home financing for USD earners

Many Maldivians who work in tourism are paid in US dollars. Since April 2026 Bank of Maldives (BML) has offered them home financing at 7.5% a year, below the 9% it charges in rufiyaa. The bank calls it one of the lowest home financing rates in the country, apart from the government's Hiyaavehi scheme.

The terms

• Rate: 7.5% a year, BML's USD base rate of 9.5% minus 2%.
• Paid out in rufiyaa, to the developer or seller.
• Repaid in US dollars, from your dollar income.
• Otherwise Home Purchase Financing: up to 25 years, 5% equity, a grace period of up to 24 months, the same approved-project rule for homes still being built.

Who qualifies

• Maldivians earning in US dollars, both residents and Maldivians living abroad. Non-resident Maldivians must meet additional requirements set by the bank.
• At least 12 months of USD income.
• Tourism staff at resorts, guesthouses, hotels and safari vessels were the group BML launched it for. For them, service charge counts as income alongside salary, and both must be paid into a BML account.

What it costs

Our estimate at 7.5% over 25 years: about USD 739 a month for every USD 100,000 financed.

Take a flat at MVR 3.75 million. With 5% down, about USD 231,000 is financed at the official rate of about MVR 15.42 to the dollar. That works out at roughly USD 1,710 a month.

Two things to weigh

• The currency risk is yours. You owe dollars. If your dollar income falls, through a quieter season or lower service charge, the payment does not.
• Service charge varies. Ask how BML averages it when it assesses your income, and plan for a low month, not a good one.

Terms as published by Bank of Maldives; payment figures are our estimates. General information, not financial advice.