Bank of Maldives launches 7.5% home financing for tourism employees
Bank of Maldives (BML) has announced the launch of a new home financing facility designed for employees in the tourism sector who earn income in US dollars. The product offers one of the lowest home financing rates available in the country at 7.5% per annum, excluding the Hiyaavehi financing scheme, providing tourism sector workers with an affordable pathway to homeownership across the Maldives.
“This product is designed to make financing more accessible for resort, guesthouse, hotels and safari vessels employees, who play a vital role in the Maldivian economy,” said Mohamed Shareef, Bank of Maldives’ CEO and Managing Director. “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 at resorts, guesthouses and hotel properties and safari vessels within the tourism sector, where remuneration is received in US dollars. Income assessment will consider both salary and service charge income, which must be routed through Bank of Maldives.
A Shariah-compliant version of the product is available through BML Islamic, ensuring the facility is accessible to all eligible customers in accordance with their preferred financing arrangements.
Customers can apply through the BML Mobile Banking App.
