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Rules & rates

10% down at MIB: what it takes to buy a MVR 3 million flat

Since 2025, MIB finances a home from 10% of the price down, over up to 25 years. On a MVR 3 million flat that means MVR 300,000 of your own, a processing fee of about MVR 40,500 and a monthly payment around MVR 22,700 to 24,500. The worked example, with the income it needs.

By Binga Concierge Published 18 October 2026 1 min read

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In 2025 Maldives Islamic Bank (MIB) cut the deposit on its Ujaalaa Hiyaa home financing from 20% to 10%. The Edition's example was a MVR 3 million flat: MVR 300,000 down instead of MVR 600,000.

Here is the rest of that example, using MIB's published terms. MIB does not publish a maximum amount; financing 90% is our reading of the 10% minimum.

The money up front

	MVR
Flat	3,000,000
Your equity (10%)	300,000
Financed by MIB	2,700,000
Processing fee (1.5%)	40,500
Conditional offer letter	2,500
Valuation	at cost
Takaful	for the whole term, paid before release

The monthly payment (approximate)

Rate	15 years	20 years	25 years
9%	27,400	24,300	22,700
10%	29,000	26,100	24,500
11% (ceiling)	30,700	27,900	26,500

The income it needs

MIB caps all your monthly commitments at 50% of gross income. With no other debts, the 25-year payment at 9% to 10% needs a household income of roughly MVR 45,000 to 49,000 a month. Any car loan or card balance raises that figure.

What the term costs

At 10%, 25 years means repaying about MVR 7.36 million on MVR 2.7 million. Over 15 years it is about MVR 5.22 million. The longer term costs over MVR 2 million more in profit.

Before you book

Check that the project is on MIB's approved list.
Ask MIB for your rate, the takaful cost and whether the rate is fixed.
Remember that money already paid to the developer counts as your equity.

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.