Bank of Maldives (BML) on Sunday, 29 August, confirmed on bringing positive changes to their recently introduced Home Improvement Loan facilities.
Moreover, the changes were brought into effect to provide easy access of finance for Hiyaa Flat housing scheme recipients.
With the new changes, customers stand to acquire financing through the Home Improvement Loan with a joint-borrower option. Furthermore, BML notifies that the joint borrowers must have verifiable income sources to be eligible and must be an immediate family member with a legal connection to the property owner.
The Home Improvement Loan offer financing starting from MVR25,000 up to MVR150,000 that can be directed towards finishing and furnishing requirements of Hiyaa flats.
In addition to this, the unsecured loan facility is available at an interest rate of 12% with a 5-year repayment period.
While the bank has reported on changes to the Home Improvement Loan facility, BML had further affirmed on positive changes to their Home Improvement Loan Plus available to finish or furnish other flats and row houses purchased by private developers.
Eligible customers of this category can receive financing from MVR25,000 up to MVR300,000 without any additional security for a 5-year tenor.
In their statement, Bank of Maldives had also confirmed that these changes will extend on to BML Islamic Home Improvement Financing and Home Improvement Financing Plus facilities as well.