The Bank of Maldives (BML) has introduced a Real Estate Loan Scheme, which offers unlimited financial options to customers, flexible enough to be used in a broad spectrum of real estate. The Real Estate Loan can be utilized for the construction of residential housing, flats or apartments or row houses, guesthouses or tourist hotels, condominiums, office premises, shopping malls, etc.
BML said that loans worth between MVR 5,000,000 and MVR 15,000,000 carry interest rates of MVR 11.5 percent, while loans worth between MVR 15,000,000 and MVR 150,000,000 carry interest rates of MVR 12.0 percent. The repayment period is up to 15 years.
The owner should contribute 25 percent of the project cost, and the bank will finance the remaining 75 percent; and the bank will give a grace period of up to 18 months, said BML.