Major changes brought to MIB's home financing facility

Maldives Islamic Bank has brought major changes to its Home Financing facility.

With the changes now in effect, customers who opt for the Apartment Financing facility can now repay the loan in instalments over 25 years. Further, the advance or down payment for the facility has been decreased to 10 percent.

These leniencies are applicable to those taking loans for building homes both in Male' and the atolls.

MIB highlighted that there is huge demand for housing loans from the bank as they are Maldives' first and only fully fledged Islamic bank. They noted that the new changes will present added convenience to customers choosing shariah compliant financing.

With the lowered down payment rates, a customer financing a MVR 3 million apartment now needs to pay a down payment of MVR 300,000, while previous rates would have necessitated a down payment of MVR 600,000.

Under MIB's Home Financing facility, financing for purchasing apartments will be issued for buildings currently in development if the project falls within criteria set by the bank.

Projects currently financed by the bank includes Renaatus Javahiru, RainPalm Residence, RainPearl Residence, SASe Glut The Creek View and SJ Creek Residence.

MIB stated that more projects will be added soon.

MIB's Home Financing facility can also be used to purchase apartments from completed projects and to refinance apartments financed through a loan from a different bank.