Bank of Maldives (BML) has announced the reduction of its Home Loan interest rate to 9 percent - the lowest rate available in the country.
The reduced rate is available for customers applying for new loans or looking to refinance their existing loans in other financial institutions.
According to BML, customers can purchase apartments and row houses anywhere in the country with a repayment period of 20 years with its Home Loan.
The bank has also reduced the interest rate for its student loan - Kiyavaa Loan - to 9 percent, and has made changes to the secured Lifestyle Loan which now allows customers with all types of verifiable income to be eligible for the loan.
BML’s CEO and Managing Director Tim Sawyer said the bank was pleased to be able to announce rate reductions for a number of products on the bank’s loan portfolio.
"We now offer the country’s lowest interest rate for home loans which will result in substantial savings for home buyers. For a MVR 3 million loan, for example, customers can expect to save about MVR 500,000. Our Kiyavaa Loan rate has also been reduced and we have also eased Lifestyle Loan eligibility from today,” he said.
BML states the new rates will be effective for loans approved from December 1 and will also be reflected in the Shari’ah compliant products available from BML Islamic.
The bank has also announced all personal unsecured loans including Vehicle, Green and Lifestyle loans are now available to apply online via Internet and Mobile Banking.