Bank of Maldives Ltd (BML) on Monday introduced a special scheme offering home mortgage loans of up to MVR 500,000.
In a press release, the bank stated that the “Lifestyle Loan” could be used for personal or business-related purposes, such as to finance home improvements, children’s education or business requirements.
The loan scheme is offered to property owners who receive rental income, as their property would stand as security against the loans issued.
Regarding BML’s new service, the bank’s Director of Business Kuldip Paliwal said, ““The BML Lifestyle Loan will provide property owners with a convenient new way to secure credit. Those who receive a rental income will find this product attractive as it is a simple way to borrow up to MVR 500,000 against the value of their property.”
The Maldives main bank currently boasts a nationwide network of 34 branches, 33 self-service banking centres and 92 ATMs across 20 atolls.