Bank of Maldives Slashes Home Construction Financing Equity Requirement to Just 5%, Opening Doors for More Maldivians

Bank of Maldives has announced a landmark reduction in the equity requirement for its Home Construction Financing, cutting the minimum own contribution to just 5% for construction projects valued up to MVR 3 million, in a move designed to make home construction significantly more accessible for Maldivian families across the country.

The new requirement represents a dramatic reduction from the previous 20% equity threshold, removing what has long been one of the most significant financial barriers standing between Maldivian families and their dream of building their own homes. The change is expected to open the door to home ownership for a far wider segment of the population, particularly those who have previously been unable to meet the higher upfront contribution.

To put the impact in practical terms, a construction project valued at MVR 2 million would now require a minimum own contribution of just MVR 100,000, compared to the previous requirement of MVR 400,000, a saving of MVR 300,000 at the point of entry that makes an enormous difference for aspiring homeowners.

Commenting on the announcement, CEO and Managing Director Mohamed Shareef said, "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 that exceed MVR 3 million, a minimum equity contribution of 20% will continue to apply. Bank of Maldives also continues to offer the lowest home purchase financing rates in the country at just 9%, reinforcing its position as the most accessible and competitive home financing partner for Maldivians. This latest move builds on a similar initiative from 2025, when the bank also reduced the equity requirement to 5% for customers purchasing homes, demonstrating a consistent pattern of removing financial barriers to home ownership across the board.

Bank of Maldives remains firmly committed to expanding access to financing solutions for individuals and families across the Maldives, keeping the needs of its customers at the centre of every decision it makes.