9%, making it the lowest rate available across the whole country. Customers seeking new loans or refinancing current loans with other financial institutions will qualify for the lowest interest rate.
According to the bank’s announcement, people can buy apartments and row homes anywhere in the Maldives with a 20-year payback period through BML’s home loan. Tim Sawyer, CEO of Bank of Maldives, expressed delight over introducing the new loan system. He also highlighted the benefits of the loan system.
Tim Sawyer announced, “We are pleased to be in a position to announce rate reductions for a number of products in our loan portfolio. We now offer the country’s lowest interest rate for home loans which will result in substantial savings for home buyers. For a MVR 3 million loan, for example, customers can expect to save about MVR 500,000. Our Kiyavaa Loan rate has also been reduced and we have also eased Lifestyle Loan eligibility from today”.
BML has also cut the interest rate on the ‘Kiyavaa Loan’ to 9% in order to give financial assistance to students seeking higher education. Additionally, changes were made to the ‘Secured Lifestyle Loan,’ enabling consumers with any sort of verifiable income to qualify for the loan. The revised rates will be reflected in BML Islamic’s Shari’ah-compliant products and will be applicable for loans granted beginning December 1. Additionally, the bank announced the availability of online applications for all personal unsecured loans, such as automobile, green, and lifestyle loans, through internet and mobile banking.
