# 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.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/mib-ten-percent-down-mvr-3-million-flat
Published: 2026-10-18T07:35:03.626Z · Updated: 2026-10-18T07:35:03.626Z · Event date: 2026-10-18

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.*

## 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/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))
- edition.mv/business/43129 (The Edition, 3 August 2025) (https://edition.mv/business/43129 (The Edition, 3 August 2025))
- www.mib.com.mv/news/80 (MIB, 30 September 2025) (https://www.mib.com.mv/news/80 (MIB, 30 September 2025))

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