# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mib-paying-off-home-financing-early
Published: 2026-10-18T07:35:03.626Z · Updated: 2026-10-18T07:35:03.626Z · Event date: 2026-10-18

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**:
- **email:** cadconsumer@mib.com.mv;
- **phone:** 301 1165, 301 1166, 301 1167, 301 1168 or 301 2227.

## 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.*

## Sources
- www.mib.com.mv/downloads/32/download (MIB requisition form for settlements) (https://www.mib.com.mv/downloads/32/download (MIB requisition form for settlements))
- www.mib.com.mv/downloads/502/download (MIB List of Bank Charges v5.8, effective 24 September 2026) (https://www.mib.com.mv/downloads/502/download (MIB List of Bank Charges v5.8, effective 24 September 2026))
- www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB Ujaalaa Hiyaa, read 18 October 2026) (https://www.mib.com.mv/personal-financing/ujaalaa-hiyaa (MIB Ujaalaa Hiyaa, read 18 October 2026))

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