Bank of Maldives (BML) has brought significant reduction to the interest rate on their loans.
Speaking at the ceremony held at Hotel Jen today regarding the changes to the interest rates, the CEO of the bank, Andrew Healy said that the interest rates on housing loans and personal loans has been reduced significantly compares to the previous rates.
And so the interest rate for the home loans has been brought down by 2 percent from the previous 11-18 percent. The rate on the construction loan has been reduced from 11.5 percent to 9.5-10.5 percent. The interest rate on the BML real-estate loan has been brought down to 10-11 percent from the previous 12 percent.
No changes were brought to the BML Lui Express Loans.
The bank also introduced two new loan schemes into the personal loans. The new “Lui Professional” or “Lui Pro” comes with an interest rate of 15 percent. And the new “Colleteral Backed” loan has an interest rate of 11.75 percent.
The “BML Home Loan” and “BML Construction Loan” are two loan schemes in the personal loan category. BML said that the loans taken before today would have their interests at the previous rate. And the application for the two new loan schemes would open soon.
CEO Healy said that the new changes to the interest rates would have a significant impact on those acquiring loans for personal projects and the bank would continue to provide such improvements in the future.