Bank of Maldives (BML) has introduced a new loan and Islamic financing scheme to provide financial assistance to Hiyaa Flat recipients.
According to BML, Home Improvement Loan provides customers with financing ranging from MVR 25,000 to a maximum of MVR 150,000 for the finishing and furnishing of Hiyaa flats. The loan has an interest rate of 12% and a repayment period of 5 years.
In addition, BML launched the Home Improvement Loan Plus, which may be used to finish and furnish other flats and row houses purchased from private developers. Eligible customers can borrow between MVR 25,000 and MVR 300,000 for a 5-year term at an interest rate of 12% with no additional security.
BML also launched Shari’ah-compliant financing for the Hiyaa flats’ completion and furnishing. Home Improvement Financing provides customers with financing ranging from MVR 25,000 to a maximum of MVR 150,000. The financing period is up to 5 years with no further guarantee, equity, deposit, or security at a financing profit rate of 12%.
Customers can apply for the loan and financing program using internet banking or by emailing the application form along with the required documentation, according to BML. In addition, the application form can be submitted to any bank branch.