# Paying while your flat is still being built: how MIB handles it

> With MIB, a buyer of an off-plan flat pays only part of the monthly payment during construction, in proportion to what the bank has paid the developer so far. Completed homes get up to three months' grace. How it works and what to ask.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mib-paying-while-your-flat-is-built
Published: 2026-10-18T07:35:03.626Z · Updated: 2026-10-18T07:35:03.626Z · Event date: 2026-10-18

Most new flats in Greater Malé are bought while the building is still going up. Maldives Islamic Bank (MIB) sets out two rules for what you pay before you move in.

## Under construction: pay in step with the building

MIB says that while a flat is being built, you pay **only a percentage of the monthly payment, based on the completion stage**. In practice that follows **how much MIB has already paid out to the developer**.

For example, if MIB has released 40% of your financing because the building has reached that stage, you pay roughly 40% of the full monthly payment. As more is released, your payment rises. When the flat is complete, you pay the full amount.

MIB says to *"inquire within for more details."* Ask for a written schedule showing your expected payment at each stage.

## Completed homes: up to three months' grace

For a finished home, MIB allows a **grace period of up to three months**. The payments for those months are **spread across the rest of the term**, so you pay them later, not never. MIB said in 2023 that the grace is meant to help buyers furnish their new home.

## Two things that count before you start

- **Payments already made to the developer count as your equity.** If you have paid 10% at booking, that may already meet MIB's minimum.
- **Takaful for the whole term is paid before any money is released.** Budget for it before the first stage payment.

## Questions to ask MIB

1. How is the **partial payment** calculated, and how often does it change?
2. What happens to my payments if **handover is late?**
3. Does the term start at the **first release** or at **completion?**

*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/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))
- www.mib.com.mv/news/8 (MIB, 31 May 2023) (https://www.mib.com.mv/news/8 (MIB, 31 May 2023))

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