{"id":9845,"date":"2020-11-05T11:57:25","date_gmt":"2020-11-05T04:57:25","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=9845"},"modified":"2021-06-04T15:46:04","modified_gmt":"2021-06-04T08:46:04","slug":"bank-of-maldives-announces-lower-borrowing-rates-for-real-estate-related-loans","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/bank-of-maldives-announces-lower-borrowing-rates-for-real-estate-related-loans\/","title":{"rendered":"Bank of Maldives announces lower borrowing rates for real-estate related loans"},"content":{"rendered":"

Eligible customers can<\/span><\/span>\u00a0borrow\u00a0<\/span><\/span>as much as MVR300,000 (USD19,471) without additional security<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
Water bungalows on Maldives island. ChatonChokpatara\/Shutterstock<\/figcaption><\/figure>\n

According to local news agency Raajje.mv<\/a>, 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.<\/p>\n

The interest rate for BML \u2019Lifestyle Loan\u2019, 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.<\/p>\n

Meanwhile, the lowest interest rate in the country at 10 percent is the \u2018Housing Loan\u2019 portfolio, which is applicable for the \u2018Home Purchase Loan\u2019 and \u2018Home Construction Loan\u2019 with equity of 50 percent.<\/p>\n

Commercial \u2018Real Estate Loan\u2019 have also reduced interest rates for as low as 10.5 percent.<\/p>\n

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.<\/p>\n

More: 7 of Asia\u2019s best resort residences<\/strong><\/a><\/p>\n

As for personal loans, the country\u2019s national bank said that the interest rate for \u2018Lui Express\u2019 loan has dropped to 15 percent.<\/p>\n

They also announced that qualified customers can loan as much as MVR300,000 without the need for additional security. Meanwhile, the \u2018Lui Micro\u2019 loan, which is for individuals who don\u2019t receive a fixed regular salary, now has a reduced interest rate of 12 percent.<\/p>\n

\u201cWith over 15% reduction in pricing, today\u2019s announcement is a significant positive change in our portfolio,\u201d said Moosa Nimal, the Director of Retail and SME Banking at Bank of Maldives.<\/p>\n

\u201cMany 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.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Eligible customers can borrow as much as MVR300,000 (USD19,471) without requiring additional security <\/p>\n","protected":false},"author":9,"featured_media":20799,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[763,982],"class_list":["post-9845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-home-loans","tag-madlives","news_country-maldives","news_author-property-report"],"acf":[],"yoast_head":"\nBank of Maldives announces lower borrowing rates for real-estate related loans | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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