BML extends tenor of home financing to 25 years

Bank of Maldives (BML) has extended its home purchase loan and home purchase financing tenor to 25 years for all new home buyers.

In a statement on Tuesday, BML announced that in addition to extending the repayment period from 20 to 25 years, the bank has also extended the grace period from 18 to 24 months.

BML’s CEO and Managing Director Karl Stumke said the change will further benefit home buyers.

In 2021, BML reduced its home loan and financing rates to 9 percent - which remain the lowest rate in the country.

BML home purchase loan and BML Islamic home purchase financing are offered with 20 percent equity at a rate of 9 percent. The facilities can also be used by existing homeowners to buy another property.

According to the bank, the new changes are effective for applications received from Tuesday onwards.