Home Loan repayment period extended to 20 years

The Bank of Maldives (BML) has extended the repayment period of the Home Loan, introduced this year for those looking to purchase flats in Male’ and Hulhumale’, to 20 years.

At a press conference held at BML today, Marketing Director of BML Rifath Mohamed said that several changes had been made to benefit those who obtain this loan, including extending the maximum repayment period to 20 years and increasing the monthly repayment amount to 40 percent of the applicant’s salary.

Previously, the maximum repayment period was 15 years.

“The maximum loan amount it 3 times the applicant’s annual salary and the loan can be applied for by more than one person,” Rifath said.

The Home Loan carries an interest rate of 11 percent. The down payment is 20 percent, and people who have bought flats and already paid 20 percent are eligible for the loan. Also, all Maldivians between the ages of 18 and 60 are eligible for the loan.

At the press conference, Marketing Manager of BML Mabrooka Ameel Jaleel said that customers can apply for the loan without any fee during the promotion period, which will end in May 2013.