Bank of Maldives Launches Dedicated Home Financing for Tourism Sector Employees at a Competitive 7.5% Rate

Bank of Maldives has unveiled a new home financing facility tailored specifically for employees in the tourism sector who earn their income in US dollars, offering one of the most competitive home financing rates in the country and opening a practical and affordable pathway to homeownership for thousands of Maldivian tourism workers.

The new facility comes with a financing rate of 7.5% per annum, making it among the lowest available in the Maldives, excluding the Hiyaavehi financing scheme. The product is designed to acknowledge and reward the vital contribution that tourism sector employees make to the Maldivian economy, giving resort, guesthouse, hotel, and safari vessel workers a dedicated financial solution that speaks directly to their unique circumstances.

Speaking on the launch, CEO and Managing Director Mohamed Shareef said, "This product is designed to make financing more accessible for resort, guesthouse, hotel, and safari vessel employees, who play a vital role in the Maldivian economy. 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 open to Maldivian nationals employed at resorts, guesthouses, hotel properties, and safari vessels within the tourism sector where remuneration is received in US dollars. Income assessment under the facility will take into consideration both salary and service charge income, provided that this income is routed through Bank of Maldives, ensuring a straightforward and transparent eligibility process for applicants.

Recognising the diverse needs of its customer base, Bank of Maldives has also ensured that a Shariah-compliant version of the product is available through BML Islamic, making the facility accessible to all eligible customers in accordance with their preferred financing arrangements. The move ensures that no tourism sector employee is left behind, regardless of their financing preferences.