Home loans

Home loan calculator

Pick a bank and change the price, deposit and term to see your monthly payment. Below, compare what BML, MIB and HDFC offer and how to apply.

Bank
Loan term
Monthly installmentMVR 20,141
Income usually required
MVR 40,281/month
Loan amount
MVR 2,400,000
Down payment
MVR 600,000
Total payable
MVR 6,042,214

Income estimate assumes BML allows 50% of your monthly income for all your repayments, including any other loans.

This is an estimate only. Actual rates, terms and eligibility are set by the bank. Contact your bank for a formal offer.

Compare home loans: BML, MIB and HDFC

The three main lenders for homes in the Maldives, side by side. Taken from each bank's website on 7 October 2026. Rates and rules change, so always confirm with the bank.

BML

Bank of Maldives · Home Purchase Financing

Type
Islamic (Diminishing Musharakah)
Rate
Up to 9% a year
Your deposit
From 5% of the project cost
Longest term
Up to 25 years
Grace period
Up to 24 months
Income needed
No percentage published. Your income must cover the repayment; rent from the home you are buying doesn't count. We assume about 50%.
Who can apply
18 to 75 (75 at the end of the term)
Fees
MVR 1,000 application fee + 1.5% processing fee
How to apply
BML Internet Banking or the mobile app
Our partner projects it finances
Solitaire, Luxera Nadhee, LuxaOne Odeon, Blue Lagoon, Ma. Aafaluge
Good to know
7.5% for Maldivians earning in USD. No extra security or guarantor needed.
BML home financing page

MIB

Maldives Islamic Bank · Ujaalaa Hiyaa

Type
Islamic (Diminishing Musharakah)
Rate
9% to 10% a year
Your deposit
From 10% of the property price
Longest term
Up to 25 years
Grace period
Up to 3 months (completed homes)
Income needed
All your monthly repayments, including other loans, within 50% of your gross income (basic salary plus allowances)
Who can apply
18 to 60 when you apply
Fees
Processing fee on approval; takaful paid upfront
How to apply
MIB ApplyNow online, or at the bank
Our partner projects it finances
Not on its current list (ask the bank)
Good to know
Spouse, parents or children can join as co-applicants. Payments already made to the developer count as your share.
MIB home financing page

HDFC

Housing Development Finance Corporation · Home Purchase

Type
Conventional (Islamic Amna also available)
Rate
10% to 12.25% a year (11% on salary or business income)
Your deposit
15% to 20% (the bank's page shows both)
Longest term
Up to 25 years (30 for the youth product)
Grace period
12 to 24 months
Income needed
Its calculator keeps repayments within 40% of your income (30% if you already have other loans)
Who can apply
Maldivian nationals
Fees
See HDFC's schedule of charges
How to apply
HDFC customer portal, signing in with eFaas
Our partner projects it finances
Solitaire, Luxera Nadhee, LuxaOne Odeon
Good to know
Youth and SOE Hiyaa products up to MVR 1 million. Most applications reviewed within two weeks.
HDFC home financing page

How to apply for a home loan

The steps are much the same at all three banks.

  1. Work out what you can afford

    Use the calculator above. Banks usually keep all your monthly repayments, including other loans, to 40% to 50% of your income, depending on the bank.

  2. Choose your home

    For a home that is still being built, check the project is on the bank's approved list. All five of our partner projects are approved by BML, and three by HDFC.

  3. Book it with the seller

    Reserve the unit and get a booking or award letter from the developer. The bank needs it with your application.

  4. Get your documents ready

    ID card, 12 months of bank statements, recent salary slips or an employer letter, proof of your deposit, and your pension statement if you are using it. HDFC also asks for a MIRA tax clearance report.

  5. Apply

    BML through Internet Banking or its app, MIB through ApplyNow, and HDFC through its customer portal with eFaas.

  6. Valuation and approval

    The bank checks your income and the property, then makes you an offer. Fees are usually charged at this stage.

  7. Sign, pay your share, get the keys

    Sign the financing agreement and pay your deposit to the seller. The bank pays the rest and registers its mortgage or share on the property.

  8. Looking for a home a bank will finance?

    New developmentsTalk to us

Home loan questions

How much deposit do I need for a home loan in the Maldives?

It depends on the bank. BML asks for at least 5% of the project cost, MIB at least 10% of the price, and HDFC 15% to 20%. A bigger deposit means a smaller loan and lower monthly payments.

Can I use my pension for the deposit?

Yes. BML, MIB and HDFC all let you use your pension savings (MRPS) towards your share, under the Maldives Pension Administration Office's rules.

Which bank has the lowest rate?

At the time we checked, BML's rate was up to 9% a year, MIB's 9% to 10%, and HDFC's 10% to 12.25% depending on your income type. Maldivians earning in USD can get 7.5% at BML. Rates change, so confirm with the bank before you apply.

How long can I take to repay?

Up to 25 years at all three banks. HDFC's youth product goes up to 30 years, for loans up to MVR 1 million.

How much income do I need?

Banks don't publish a table by price. They limit how much of your income can go to repayments: MIB keeps all your monthly repayments within 50% of your gross income, and HDFC's calculator uses 40% (30% if you already have other loans). BML doesn't state a figure. For example, a MVR 3 million apartment with 20% down over 25 years needs roughly MVR 40,000 a month at BML, MVR 44,000 at MIB and MVR 59,000 at HDFC. Pick a bank in the calculator to see the figure for your price.

What is the difference between Islamic and conventional home financing?

With Islamic financing (Diminishing Musharakah), you and the bank buy the home together. You pay rent on the bank's share and buy that share bit by bit until the home is fully yours, so no interest is charged. With a conventional loan, the bank lends you money at an interest rate and holds a mortgage on the home.

Can I get a loan for an apartment that is still being built?

Yes, if the project is on the bank's approved list. BML and HDFC also offer grace periods of up to 24 months, so you are not paying in full before you can move in.

Does rental income count?

BML counts income from salary, business and rent, but not the expected rent from the home you are buying. HDFC accepts rental income at a higher rate (12.25%). MIB asks for title deeds and rental agreements if you use rent.

Can foreigners get a home loan here?

These home loans are for Maldivian citizens. If you are a foreign buyer, contact us and we can explain the options for your situation.

Can Maldives Investments help with my application?

Yes. We can help you choose a home on the right bank's approved list and get the developer's paperwork ready. The loan decision is always the bank's.