Preheat your oven to 350°F (175°C) and grease an 8×8-inch baking dish with butter or cooking spray.

In a medium saucepan, bring 1½ cups of water to a rolling boil. Add the uncooked white rice, cover, reduce heat to low, and simmer for 10-12 minutes until tender. Drain and cool slightly.

In a large mixing bowl, combine 3 cups of whole milk, the can of sweetened condensed milk, 1 teaspoon of vanilla extract, and optionally add ½ teaspoon of cinnamon and ¼ teaspoon of nutmeg. Add ¼ teaspoon of salt. In a separate bowl, lightly beat the 2 large eggs, then whisk into the milk mixture until smooth.

Spread the cooked rice evenly in the greased baking dish. If using raisins, sprinkle them over the rice. Slowly pour the custard mixture over the rice and gently stir to combine.

Place the baking dish inside a larger pan and pour hot water into the outer pan, halfway up the sides of the baking dish. Bake for 45-55 minutes, stirring halfway through. The pudding should be golden and slightly jiggly.

Let the baked rice pudding cool for 10-15 minutes before serving. Enjoy it warm or chilled.