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BML Islamic Lifestyle Financing
Shariah-compliant financing for property owners who receive regular rental income. Use it to enhance your lifestyle while staying true to your values.
Unsecured financing available from
MVR 25,000 to MVR 300,000
at a rate of 15% p.a.
Secured financing available from
MVR 300,000 to MVR 1.5M
at a rate of 12% p.a., with additional security required.
Financing period of up to
5 years
No further guarantees or securities required for unsecured financing.
Eligibility Criteria
& Repayment
For Lifestyle Financing (Unsecured)
Only rental income is considered for unsecured financing.
Rental income must be routed through a BML account for the past 12 months.
Repayment for all existing credit facilities must be satisfactory for the past 12 months.
For Lifestyle Financing (Secured)
Your net monthly income, including rental income, must be sufficient to cover the repayment amount (income does not need to be tied to the property owned or mortgaged).
Rental income must be routed through any bank account for the past 3 months, with the most recent month’s rental income routed to your BML account. The rental income must be from a property with a valid rental agreement.
The property offered as security must be valued at least 150% of the financing amount.
The maximum age limit is typically 60 years, though this may be extended if the repayment can be met from rental income.
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
schedule-of-charges-bml-islamic-en
pdf · 1.30 MB