Under Bank of Maldives’ (BML) affordable housing initiative, families will have the opportunity to own their homes with significantly reduced down payments and affordable monthly installments. Speaking at the foundation stone laying ceremony for 300 housing units in Villingili, BML CEO Mohamed Shareef announced the bank’s ambitious plan to develop a total of 3,260 units across the Male’ area by mid-2028.
Central to this project is the introduction of a “Lease-to-Own” model—a first for the Maldives—designed to make homeownership more attainable for low-income earners. Furthermore, BML has lowered the required equity contribution from 20% to just 5% and has begun facilitating loans through “Hiyaavehi Financing,” offering the lowest interest rates in the market to ease the financial burden on citizens.
