Bank of Maldives cuts home construction equity requirement to 5%

Bank of Maldives has announced a significant reduction in the equity requirement for its Home Construction Financing, lowering minimum own contribution to just 5% for projects valued up to MVR 3 million.

This change marks a substantial decrease from the 20% equity requirement and is intended to enhance accessibility for home construction across the country.

Mohamed Shareef, CEO and Managing Director of Bank of Maldives, commented, “As the national bank, BML is committed to playing a leading role in addressing housing challenges faced by Maldivian families. By reducing the equity requirement to 5%, 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. A construction project valued at MVR 2 million would now require MVR 100,000, down from MVR 400,000, making it significantly easier for customers to begin their projects.”

For construction loans or financing exceeding MVR 3 million, a minimum of 20% equity will be required. The Bank continues to offer the lowest home purchase financing rates at just 9%. In 2025, the Bank also lowered the equity requirement to 5% for customers purchasing homes.

Bank of Maldives remains committed to expanding access to financing solutions across the country, with a continued focus on meeting the evolving needs of its customers.