Buying to let: how MFLC weighs rental income

Many buyers of new flats in Greater Malé plan to let them. How a lender treats the future rent matters. Bank of Maldives, for example, does not count the rent from the home being bought when it assesses a purchase.

What MFLC asks

Maldives Finance and Leasing Company (MFLC)'s home loan form asks directly:

• whether the property is for living in or to be rented;
• the total expected rental income;
• for supporting documents, rental agreements and rent forecasts.

The rent is plainly part of how MFLC looks at the loan. It does not publish how much of that rent it counts.

For landlords who already let

MFLC's Direct Loan and Lease is open to rent income earners, alongside the self-employed and entrepreneurs:

• up to MVR 500,000 over up to five years;
• collateral above MVR 250,000;
• a guarantor;
• three years in your current business or income.

It suits smaller needs, such as furnishing or repairs, rather than buying a flat.

Doing the sums

• Be conservative on rent. Use what comparable finished homes actually let for, not the developer's projection. Binga's Market Index shows median asking rents by area and size.
• Allow for empty months, service charges and repairs.
• Remember the short term. Over MFLC's maximum of ten years, rent alone will rarely cover the payment. Plan for your other income to make up the difference.
• Check the early settlement fee (10% on the conventional loan) if you might sell within the term.

As published by MFLC on 18 October 2026. MFLC does not publish its rates; ask for them in writing. General information, not financial advice.