Bank of Maldives (BML) announces on reducing their Home Loan interest rates to 9%, which makes it the lowest rate on a bank issued unsecured loan available in the country.
Furthermore, the reduced interest rates are available for customers applying for new loan facilities or looking to refinance existing loans in other financial institutions.
Moreover, customers can purchase apartments or row houses anywhere in the country with a 20-year repayment period with the Home Loan facility of BML.
While speaking about the new interest rates, BML CEO Tim Sawyer commented, “we are pleased to be in a position to announce rate reductions for a number of products in our loan portfolio. We now offer the country’s lowest interest rate for home loans which will result in substantial savings for home buyers.”
In his explanation, Mr. Sawyer further said that customers acquiring loan facilities worth MVR3 million will be able to save about MVR500,000 due to the reduced interest rates.
Meanwhile, BML has reduced the interest rates on their Kiyavaa Loan to 9% as well, to provide further financial support to the students pursuing higher education while new changes have been made to Lifestyle Loan allowing customers with all types of verifiable income to eligible for the loan.
Bank of Maldives (BML) has also reported that the new interest rates will be effective on loans approved from 01 December onward, and will be reflected on the Shari’ah compliant products available from BML Islamic as well.
Furthermore, the bank notified that the personal unsecured loans including Vehicle, Green and Lifestyle loans are now available to apply online via Internet and Mobile banking applications.