MIB lowers advance payments for housing financing for up to 10%

Maldives Islamic Bank (MIB) has announced significant changes to its housing financing scheme, making it more affordable and accessible for customers.

Under the revised terms, the required advance payment has been reduced to as low as 10 percent. Additionally, the maximum repayment tenure has been extended to 25 years, providing greater flexibility for homeowners in managing their finances.

MIB stated that these changes are part of its ongoing commitment to supporting Maldivians in achieving their dream of home ownership. By lowering upfront costs and offering longer repayment periods, the bank aims to ease the financial burden on customers while promoting sustainable housing solutions.

As the country’s first and only full-fledged Islamic bank, MIB continues to provide Shariah-compliant financing solutions while leveraging modern technology to enhance customer experience.