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Home Buying

BML Islamic Home Purchase Financing

Home Buying
Islamic Way

A Shariah-compliant alternative to purchase apartments, flats, or row houses anywhere in the Maldives. Make your dream home a reality with flexible, values-driven financing.

Based on the Shariah principle of

Diminishing Musharakah

Lease rate

9% p.a.

Financing Period

up to 25 years

with a grace period of up to 24 months.

Existing Home Owners

Our Home Purchase Financing can also be used by existing homeowners to buy another property.

Deposit & Gurantors

No additional deposit, security, or guarantor required.

Equity

Minimum equity of 5% based on total project cost, which can be financed through savings or the Pension Fund.

Eligibility Criteria

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Eligibility

Be a Maldivian aged between 18 and 75 years at maturity.

The facility can be availed individually or jointly.

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

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

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

Repayment of all existing credit facilities should be satisfactory for the past 12 months.

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End-User Financing Projects

End-User Financing Projects If you are purchasing an apartment or row house from a project that is under development/construction, the project must be approved by the bank. Currently, the following projects are approved:

Home Purchase Financing

For USD Income Earners

Attractive lease rate of 7.5% p.a, Financing Facility disbursed in MVR, Repayments made conveniently in USD

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Available to Maldivian individuals earning income in USD (both residents and non-resident Maldivians*)

Must have received USD income for at least the past 12 months.

*Non-resident Maldivians must meet additional requirements as specified by the Bank.

How to Apply

Apply Online

Send us your application form via the message feature on BML Mobile Banking app or Internet Banking. Once we receive your application, we will then assess your request and will be in contact with you for the next steps. 

Processing time for a Home Financing varies based on individual applications and we will keep you updated throughout the process.

Useful downloads

BML Islamic Home Purchase Finance Application Form

pdf · 482.78 KB

FAQ - BML Islamic Home Purchase Financing

pdf · 281.33 KB