Malé, Maldives – Bank of Maldives (BML) has introduced a new loan scheme and financing product to support new recipients of Hiya Flats and enable them to have easy access to finances.
The new Home Improvement Loan offers customers financing from MVR 25,000 to a maximum of MVR 150,000 for the finishing and furnishing requirements of the new flats.
The newly introduced loan is available at a lower interest rate of 12 percent compared to other loans and has a 5-year repayment period. Those who take out the maximum possible amount of MVR 150,000 will need to pay MVR 3,337 per month as loan repayment.
CEO and Managing Director of BML Tim Sawyer said that BML Islamic also offers a similar financing product that is compliant with Islamic Shari’ah.
In addition to the loan for Hiyaa flat recipients, the Bank also announced Home Improvement Loan Plus which is available to finish and furnish other flats and row houses purchased from private developers.
Eligible customers for the scheme can borrow from MVR 25,000 to MVR 300,000 without additional security for a 5-year tenor. This is lower than the Bank’s existing unsecured loan products with an interest rate of 12 percent.
