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

Paying off MIB home financing early

MIB charges 0.5% on part payments of Ujaalaa Hiyaa, with a minimum of MVR 1,000 or one month's payment. It does not publish a fee for settling in full. How to make a part or full settlement, and what to ask first.

By Published 1 min read

Illustration from Binga's stock library: a marble kitchen island at sunset. Not the building in this story.
Illustration from Binga's stock library: a marble kitchen island at sunset. Not the building in this story.

A bonus, a sale or a family gift may let you pay down home financing ahead of schedule. Here is what Maldives Islamic Bank (MIB) publishes about doing that on Ujaalaa Hiyaa.

Part payments

  • Charge: 0.5% of the amount paid early. On MVR 500,000, that is MVR 2,500.
  • Minimum: MVR 1,000 or one month's payment, whichever is lower.
  • After a part payment, ask whether MIB will shorten the term or lower the monthly payment. Shortening it usually saves more profit.

Full settlement

MIB's settlement form offers "Full Settlement" and says all services are charged per the List of Bank Charges. We did not find a separate full settlement fee for Ujaalaa Hiyaa in the current list. Ask MIB in writing what you would pay to settle in full, and whether any profit is rebated.

How to request it

Use MIB's requisition form for settlements, statements and letters, and send it to the Credit Administration Unit:

Compared with others

A 0.5% charge on part payments is low. Maldives Finance and Leasing Company, for example, charges 10% of amounts repaid early. If you expect to pay down your home early, ask every lender about settlement before you choose.

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.

Compare lenders with the concierge

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

The cost beyond the rate: MIB's fees and takaful

On MIB's Ujaalaa Hiyaa, the profit rate is only part of the cost: a 1.5% processing fee (at least MVR 5,000), MVR 2,500 for the offer letter, valuations at cost, 1% to amend the facility, 0.5% on part payments, and takaful for the whole term paid before the money is released.

· 2 min read

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