Bank of Maldives BML extends its Home Purchase Loan and Home Purchase Financing tenor to 25 years for all new home buyers.

BML CEO and Managing Director Karl Stumke said that back in 2021 it reduced its Home Loan and Financing rates to 9 percent which remains the lowest rate in the country.

He said that today’s announcement will further benefit home buyers with an extended repayment period of 25 years as well as an extended grace period of 24 months.

The Bank said that BML Home Purchase Loan and BML Islamic Home Purchase Financing are offered with 20 percent equity at a rate of 9 percent.

It further said that the facilities can also be used by existing homeowners to buy another property.

It added that new changes will be effective for applications received from 1st August 2023.