Bank of Maldives

BML Islamic Home Build Financing

Flexible Islamic financing

to build your dream home.

Whether you’re building a home from the ground up or completing your ongoing construction, our Islamic Home Build Financing helps you manage it with confidence. Offered under the principle of Ijarah Muntahia Bittamleek, the financing ensures transparency and fairness throughout the process.

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Financing Amount

MVR 50,000 up to MVR 1 Million

Based on your project needs and eligibility.

Financing Period

Up to 15 years

with a grace period up to 12 months.

Shari’ah-Compliant Model

structured as a lease-to-own agreement

Equity

Minimum equity contribution of 25% is required.

Joint Applications

Apply jointly with others; at least one applicant must have a legal connection to the property.

Lease Rates

Financing is available at a lease rate of 9% p.a.

Eligibility Criteria

& Applicable Fees

Eligibility

Be a Maldivian aged between 18 and 60 years.

Either own the land or be the child or parent of the landowner.

Earn enough income to cover the monthly repayment (rental income from the proposed project will not be considered).

Income must be routed to any bank account for the past 6 months, with the most recent month’s income routed to your BML account.

Income from all sources, such as salary, business income, and rental income, will be considered.

Be a BML customer with at least 12 months of account operation.

Have a satisfactory repayment history for all existing credit facilities for the past 12 months.

Applicable Fees

Application Fee: MVR 1,000 (non-refundable)

Processing Fee: 1.5% of the financing amount

How to Apply?

Apply Online

Submit your application form along with required documents through the Message Centre on Internet Banking or Mobile Banking App. Once submitted, we will review the request and be in touch with you.

Useful downloads

BML Islamic Home Construction Financing Application Form

pdf · 550.65 KB

FAQ - BML Islamic Home Construction Financing

pdf · 334.62 KB