Bank of Maldives (BML) has revised its policy for issuing home improvement loans, to assist recipients of flats under the Hiya housing project in Hulhumale’ Phase II.
BML stated the changes brought to its home improvement loans include allowing relatives of Hiya flat owners to apply for the loan. BML said the loan applicants are required to be either flat owners or related to a flat owner by family. The applicants are also required to rhave a monthly income through employment, business or rent.
Under the BML home improvement loans for Hiya flats, customers are issued loans between USD 1,620 and USD 9,700, for furniture and finishing works of their flats. The loans are issued at an interest rate of 12%, with a repayment period of 5 years.