Bank of Maldives (BML) has announced positive changes to its financing products to support the growth and success of businesses nationwide.
The positive changes have been brought to real estate financing, guesthouse financing and work capital financing.
Real Estate Financing
Minimum equity reduced from 30 percent to 20 percent
Payment period extended from 15 to 20 years
Long-term lessees, contractors, real estate developers, companies, government institutions, and other registered legal entities can now apply for financing to construct projects under long-term lease agreements
Guesthouse Financing
Guesthouse proposed for the financing can now be listed as the sole security
Guesthouses operating for over 2 years can access financing at 11 percent
New guest houses can access financing at 12 percent
Working Capital Financing
Businesses can access financing up to 2.5 times more than the average monthly sales
Eligibility criteria relaxed to accommodate more businesses
BML’s CEO, Managing Director Mohamed Shareef said changes represents a significant step forward in the bank’s commitment to the Maldivian business community.
“By making financing more accessible and offering improved terms across multiple sectors, we are providing businesses with the financial support they need to expand, innovate and thrive in today's dynamic market,” he added.
Notably, BML has recently also made positive changes housing finance products to offer greater flexibility and accessibility. They include home purchase financing, home construction financing and home build financing.