The Bank of Maldives (BML) has introduced a new home financing facility aimed at employees in the tourism sector who earn income in US dollars.
The bank said the product offers one of the lowest home financing rates in the country at 7.5 per cent per annum, excluding the Hiyaavehi financing scheme, providing a more affordable pathway to homeownership.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the initiative is designed to improve access to housing finance for workers across the tourism industry.
“This product is designed to make financing more accessible for employees in resorts, guesthouses, hotels and safari vessels, who play a vital role in the Maldivian economy,” he said. “The tourism industry is the backbone of our nation, and this facility reflects our commitment to supporting employees of the largest industry and their families.”
The facility is available to Maldivian nationals employed in resorts, guesthouses, hotel properties and safari vessels within the tourism sector, where income is received in US dollars.
According to the bank, eligibility assessments will consider both salary and service charge income, provided these are channelled through BML.
A Shariah-compliant version of the product will also be offered through BML Islamic, allowing customers to access the facility in line with their preferred financing arrangements.
Customers can apply for the financing through the BML Mobile Banking App.