BML extends tenor of home financing to 25 years
BML Home Purchase Loan and BML Islamic Home Purchase Financing are offered with 20% equity at a rate of 9%
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Bank of Maldives (BML) on Tuesday extended its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers.
The new changes will be effective for applications received Tuesday.
BML Home Purchase Loan and BML Islamic Home Purchase Financing are offered with 20% equity at a rate of 9%. The facilities can also be used by existing homeowners to buy another property.
"In 2021, we reduced our Home Loan and Financing rates to 9% which remain the lowest rate in the country. Today’s announcement will further benefit home buyers with the extended repayment period of 25 years as well as an extended grace period of 24 months," BML CEO and Managing Director Karl Stumke said.
