The Bank of Maldives has announced a major policy shift, reducing the minimum equity requirement for Home Construction Financing to just 5% for projects valued up to MVR 3 million.
The move marks a sharp drop from the previous 20% requirement and is expected to significantly improve access to housing finance across the Maldives, particularly for first-time builders and families facing upfront cost barriers.
CEO and Managing Director Mohamed Shareef said the decision directly targets one of the biggest challenges in home construction.
“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,” he stated.
He highlighted the practical impact of the change, noting that a project valued at MVR 2 million will now require only MVR 100,000 in equity, compared to MVR 400,000 previously, a substantial reduction that lowers the entry threshold for many households.
The revised policy applies to projects up to MVR 3 million. For construction financing above this threshold, the bank will maintain a minimum equity requirement of 20%.
BML also continues to offer home purchase financing at rates starting from 9%, positioning its products among the most competitive in the market. The bank had earlier reduced equity requirements to 5% for home purchases in 2025, reinforcing its broader push to expand housing accessibility.
This latest adjustment signals a continued focus by BML on easing financial constraints and supporting nationwide homeownership, as demand for affordable housing solutions remains a key issue across the Maldives.
