Can my family help me qualify with MIB?

Who can apply

Maldives Islamic Bank (MIB) sets these conditions for Ujaalaa Hiyaa:

• Age 18 to 60 when you apply.
• Twelve months in full-time work. The FAQ also accepts regular rental income.
• All monthly commitments, including this financing, at most 50% of gross income (basic salary plus variable allowance).
• Proof of the 10% equity: statements, receipts or pension details.

Family as co-applicants

MIB accepts co-applicants from your immediate family only:

• your spouse (bring the marriage certificate);
• your parents or children (bring birth certificates).

Adding a co-applicant's income raises the payment you can afford under the 50% rule. Their other debts count too.

No guarantor is required.

One age rule to check

MIB's FAQ still says all applicants must be under 65 at the end of the term. That FAQ answer predates the move to 25-year terms. A 45-year-old would then be limited to about 20 years. Ask MIB whether it still applies, especially if a parent is a co-applicant.

Your income goes to MIB

You sign a letter confirming that all your income will be paid into your MIB account once the financing is approved.

The documents

• ID card copies.
• Twelve months of bank statements.
• Six months of salary slips and an employer's letter to MIB.
• The developer's award letter (booking confirmation), the sale and purchase agreement if signed, and payment receipts.
• The equity verification document.
• The pension document, if you are pledging pension savings.
• For rental income: property titles, rental agreements and the bank statement of the account receiving the rent.

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.