Bank of Maldives Slashes Home Construction Equity to 5 percent, Aiming to Ease National Housing Burden

In a landmark move set to unlock homeownership for countless Maldivians, the Bank of Maldives (BML) has announced a sweeping reduction in the equity requirement for its Home Construction Financing. 

The national bank has slashed the minimum own contribution from 20 percent to just 5 percent for all construction projects valued up to MVR 3 million. This strategic policy shift is designed to directly tackle one of the most significant financial barriers to building a home, dramatically enhancing accessibility for families across the nation.

CEO and Managing Director of BML, Mohamed Shareef, underscored the bank's commitment to its role as a national development partner. 

“As the national bank, BML is committed to playing a leading role in addressing housing challenges faced by Maldivian families,” he said. 

“By reducing the equity requirement to 5 percent, we are directly removing one of the biggest barriers to home construction and enabling more Maldivians to take the first step towards building their own homes.” 

To illustrate the profound impact, he provided a clear example—a family embarking on a MVR 2 million project will now need only MVR 100,000 in savings, a substantial decrease from the previous MVR 400,000 requirement.

For larger-scale projects exceeding MVR 3 million, the standard 20 percent equity requirement will remain in effect. 

This new initiative builds on the bank's ongoing efforts to expand housing access, following a similar reduction to a 5 percent deposit for home purchase financing introduced in 2025. 

BML continues to offer the most competitive home financing rates in the market, fixed at just 9 percent. 

The bank reaffirmed its commitment to developing inclusive financial solutions that meet the evolving needs of its customers and support the development of communities throughout the Maldives.