Bank of Maldives has reduced the equity contribution required for Home Purchase Financing from a previous minimum of 20% to just 5%, which it says lowers the upfront payment on a MVR 3.5 million apartment from MVR 700,000 to MVR 175,000. The bank earlier this year removed additional collateral requirements for housing construction financing up to MVR 3 million on any island.
One outlet so far Only The Standard has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
We are committed to enabling more Maldivian families to achieve homeownership. The significant reduction in the Home Purchase Finance equity requirement to just 5% addresses one of the primary financial challenges faced by prospective home…
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announcing that customers will now need to contribute just 5% equity for Home Purchase Financing.
Word for word from the report in The Standard. Open the report
This marks a sharp reduction from the bank's previous tiered system, which required a minimum 20% equity contribution.
Word for word from the report in The Standard. Open the report
purchasing an apartment valued at MVR 3.5 million required a buyer to raise MVR 700,000 in equity.
Word for word from the report in The Standard. Open the report
purchasing an apartment valued at MVR 3.5 million required a buyer to raise MVR 700,000 in equity.
Word for word from the report in The Standard. Open the report
With the new rule, the upfront equity falls to MVR 175,000—dramatically lowering entry costs for prospective buyers.
Word for word from the report in The Standard. Open the report
the bank eliminated additional collateral requirements for housing construction financing up to MVR 3 million on any island
Word for word from the report in The Standard. Open the report
Bank of Maldives (BML) has unveiled a major policy shift to make homeownership more accessible, announcing that customers will now need to contribute just 5% equity for Home Purchase Financing.
Word for word from the report in The Standard. Open the report