Tuesday, 27 October 2026 · Malé Search Newsletter Send us your launch WhatsApp the desk
Maldives Real Estate News

Maldives real estate, reported from the ground: developments, developers, prices, rules, and the homes behind them.

Rules & rates

What changed in 2025: MIB halves the deposit and adds five years

In 2025 Maldives Islamic Bank cut the equity on home financing from 20% to 10%, extended the term from 20 to 25 years and halved the work history it asks for. What changed, what it means for a buyer, and what has not changed.

By Published 1 min read

Illustration from Binga's stock library: a lounge with a curved sofa among palms. Not the building in this story.
Illustration from Binga's stock library: a lounge with a curved sofa among palms. Not the building in this story.

Maldives Islamic Bank (MIB) overhauled Ujaalaa Hiyaa in 2025. The Edition reported it on 3 August 2025; MIB announced it on 30 September 2025, citing "huge demand for housing loans." Its 2025 annual report confirms the change.

Then and now

October 2023Today
Minimum equity20%10%
Longest term20 years25 years
Work history24 months12 months
Profit rate9% to 11%9% to 10%
Processing fee1.25% (charges list)1.5% (since January 2024)

What it means for a buyer

On a MVR 3 million flat:

  • The deposit falls from MVR 600,000 to MVR 300,000.
  • The monthly payment at 10% on the larger amount financed (MVR 2.7 million) over 25 years is about MVR 24,500. Under the old terms (MVR 2.4 million over 20 years) it was about MVR 23,200.
  • The total repaid rises. More borrowed, for longer.

Lower entry, similar monthly cost, more profit to the bank over the life of the financing.

Other changes reported

The Edition also reported that the facility can refinance a flat financed by another bank. MIB's own product page does not mention this; ask.

What has not changed

  • The Base Rate in MIB's charges list: 10%, unchanged since June 2023.
  • The approved project rule for flats under construction.
  • Takaful for the full term, paid before release.

MIB's FAQ still gives the old 20-year term. The product page, its September 2025 announcement and its annual report all say 25.

As published by Maldives Islamic Bank on 18 October 2026. Rates and terms change; confirm them with MIB before you commit. General information, not financial advice.

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Sources and method

Prices are asking prices as listed through Binga unless marked achieved, and are dated. Developer descriptions are reported as the developer's own. Facts the desk could not verify are left out. Spotted an error? Write to hello@binga.mv; corrections are noted at the foot of the piece.

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

Rules & rates

I'm over 50. Can I still use my pension to buy a home?

Yes, until you turn 60, but only half your balance, and the loan must be paid off before you turn 65. That shortens the term and raises the payment: on MVR 2.4 million at 11%, about MVR 33,100 a month over ten years against MVR 23,500 over 25.

· 2 min read

Rules & rates

The five lenders that accept your pension, and the five steps to use it

Only five institutions can take your pension savings as a home loan deposit: Bank of Maldives, Maldives Islamic Bank, HDFC, Mauritius Commercial Bank and Commercial Bank of Maldives. How the request moves between you, the lender and the Pension Office, step by step.

· 2 min read

Rules & rates

How much of my pension can I put towards a flat?

It depends on your age and your balance: all of it up to 35, 80% from 36 to 49, half from 50 to 60. Worked examples at each age, and how that compares with the 10% or 20% deposit lenders ask for on a MVR 3 million flat.

· 2 min read