# Buying a flat with Bank of Maldives: Home Purchase Financing, term by term

> Bank of Maldives finances apartments, row houses, garages and land at up to 9% a year, over up to 25 years, with 5% equity and a 24-month grace period. Here is every term as the bank publishes it in October 2026, and what each means for a buyer.

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

Bank of Maldives (BML) is the country's largest lender: by its own account it holds more than half of all loans in the Maldives. Its main product for buyers is **Home Purchase Financing**. Since September 2026 BML processes all new personal financing on Islamic principles, so this is now a Shariah-compliant product rather than a conventional loan. Here are its terms as BML publishes them in October 2026.

## The terms at a glance

| | Home Purchase Financing |
|---|---|
| Structure | Diminishing Musharakah (a partnership: you and the bank co-own the home, you buy the bank's share over time) |
| Rate | Up to 9% a year in rufiyaa (BML's base rate of 10% minus 1%) |
| Your equity | From 5% of the total project cost |
| Term | Up to 25 years |
| Grace period | Up to 24 months |
| Extra security | None: no additional deposit, collateral or guarantor |
| Fees | MVR 1,000 application fee (not refunded), plus 1.5% processing fee on the amount financed |

## What it pays for

- An apartment, flat or row house **anywhere in the Maldives**.
- A **second property**: it is not limited to first-time buyers.
- A **garage or parking space**.
- **Land**.

If the home is still being built, the development must be on BML's list of **approved projects**. We cover that list in a separate piece.

## Who can apply

- **Maldivians aged 18 to 75**, and no older than 75 at the end of the term.
- Alone or **jointly**, for example a couple, or parents with a grown child.
- Your income must cover the monthly payment. BML counts salary, business income and rental income, but **not the future rent from the home you are buying**.
- Your income must have gone into a bank account for the last six months, and the latest month's into a BML account.
- Your other loans must have been repaid satisfactorily for the past 12 months.

## What it costs, worked through

Take a home at **MVR 3.75 million**, the starting price of a 1+1 at Bayfancy Residence in Hulhumalé Phase 2 (one of BML's approved projects):

- **Equity at 5%:** MVR 187,500.
- **Financed:** MVR 3,562,500.
- **Processing fee at 1.5%:** about MVR 53,400, plus the MVR 1,000 application fee.
- **Estimated monthly payment at 9% over 25 years:** about **MVR 29,900**. Over 20 years it would be about MVR 32,050.

As a rule of thumb, every MVR 1 million financed at 9% over 25 years costs about **MVR 8,400 a month**. These are our estimates using a standard repayment formula; your financing documents set the exact schedule.

## How to apply

Applications go in through BML Internet Banking or the BML Mobile Banking App, where the bank's AI assistant, Aaya, guides you through the form. BML then assesses the application and contacts you. It does not publish a standard processing time.

## Before you apply

- Check the **development is on BML's approved list** if it is still under construction.
- Have **six months of income** going into a bank account, and move it to BML if it is not there already.
- Budget the **upfront cash**: equity, the 1.5% processing fee, the application fee, and any transfer or registration costs.
- Ask whether you need the **grace period**, and which option suits you (see our piece on paying for a home that is still being built).

*Terms as published by Bank of Maldives on 18 October 2026. Rates and conditions change; BML's financing documents are what bind. This is 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))
- 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/articles/833/bank-of-maldives-announces-lowest-home-purchase-financing-equity-at-5 (BML, 1 October 2025) (https://www.bankofmaldives.com.mv/articles/833/bank-of-maldives-announces-lowest-home-purchase-financing-equity-at-5 (BML, 1 October 2025))
- www.bankofmaldives.com.mv/articles/863/bank-of-maldives-and-ministry-of-construction-housing-and-infrastructure-sign-land-allotment-and-development-agreement-under-mmas-inclusive-national-affordable-housing-scheme (BML, 13 November 2025: over 52% of total loan market share) (https://www.bankofmaldives.com.mv/articles/863/bank-of-maldives-and-ministry-of-construction-housing-and-infrastructure-sign-land-allotment-and-development-agreement-under-mmas-inclusive-national-affordable-housing-scheme (BML, 13 November 2025: over 52% of total loan market share))

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