Bank of Maldives announces lower borrowing rates for real-estate related loans
Eligible customers can borrow as much as MVR300,000 (USD19,471) without additional security
According to local news agency Raajje.mv, the Bank of Maldives (BML) will be lowering the fees for housing, as well as personal loans to help its citizens and investors cope during the pandemic.
The interest rate for BML ’Lifestyle Loan’, for instance, has reduced to 12 percent, with borrowing amount of up to MVR300,000 (USD19,471) and no additional security. This type of loan is suited for property owners who regularly receive a rental income.
Meanwhile, the lowest interest rate in the country at 10 percent is the ‘Housing Loan’ portfolio, which is applicable for the ‘Home Purchase Loan’ and ‘Home Construction Loan’ with equity of 50 percent.
Commercial ‘Real Estate Loan’ have also reduced interest rates for as low as 10.5 percent.
For customers who are looking to borrow over MVR300,000 to MVR 1.5 million, interest rates are still at 12 percent with additional security.
More: 7 of Asia’s best resort residences
As for personal loans, the country’s national bank said that the interest rate for ‘Lui Express’ loan has dropped to 15 percent.
They also announced that qualified customers can loan as much as MVR300,000 without the need for additional security. Meanwhile, the ‘Lui Micro’ loan, which is for individuals who don’t receive a fixed regular salary, now has a reduced interest rate of 12 percent.
“With over 15% reduction in pricing, today’s announcement is a significant positive change in our portfolio,” said Moosa Nimal, the Director of Retail and SME Banking at Bank of Maldives.
“Many across the country continue to face uncertainties arising from the COVID-19 pandemic and the new lower financing rates will be a welcome change for our customers, helping to ease access to financing. We have also introduced similar reductions in our BML Islamic portfolio.”
Recommended
Why everyone is moving to Selangor and Johor: Malaysia’s real estate comeback
Malaysia’s upturn in fortunes is especially prevalent in secondary destinations such as Selangor and Johor
Penang’s silicon boom: How the US-China tech war is supercharging local real estate
Penang’s booming semiconductor industry has created ripples within the local real estate sector
New leader, new opportunities: How Hun Manet is shaking up Cambodia’s real estate game
Hun Manet is overseeing decent economic growth and widening access to the country’s real estate market for foreigners
Singapore embraces inclusive housing reforms amid resilient demand
The Lion City’s regulatory strength continues to exert appeal for international investors