The affordability calculator gives an estimate of how much you might be eligible to borrow. Before we go to the next step, here is an article on how you can improve your financial position.
Ready for home ownership?
Assalaamu Alaikum!
A very warm welcome to you. You're about to explore a world of possibilities for your dream home. Our goal is to make your homeownership journey as smooth as possible.
Let's find the way to achieve your dream home!
Your first step...
The first step to owning your dream home is understanding what you can afford. Our handy affordability calculator will help you figure out just that. By answering a few simple questions about your income and your project cost, you'll get a clear picture of how much you can borrow for your path to a new home.
Step two....
If you are ready for your next step towards home ownership, let’s move ahead.
Have you finalized your Drawing and BoQ? For home construction facilities, the most important document is your approved drawing and Bill of Quantities. Drawings are approved by relevant authorities such as the Ministry of Housing, Land & Urban Development or the respective city councils or secretariats of the island.
You also need to appoint a contractor for your home construction project. The contractor should be a registered contractor at HDFC. If the contractor is not registered, they can apply for registration. A list of approved contractors and the documents required to register at HDFC can be seen from the link below.
Did you know that end-user financing was first introduced to Maldives by HDFC? We also give the longest tenure for apartment purchase product. If you have not finalized a unit, we can help you to check options that are within your affordable range.
Step three..
The next step is to decide which type of financing facility you will choose? HDFC offers both islamic and conventional financing option. The Islamic window of HDFC, AMNA was inaugurated in 2014. AMNA offers contracts that are Shari’ah complaint for your home financing needs.
Step four..
Now that you are clear with which your borrowing purpose and desired method of financing for your home construction or apartment purchase product, let’s move ahead with the application process. Based on your credit eligibility, you can also include additional co-applicants who are immediate family members in the facility as HDFC considers pooled income. The co-applicant requirement is different for each product as shown below.
The minimum number of participants required for home construction product is two. They are one main applicant and one co-applicant.
Main Applicant
The main applicant for construction project will be the owner of the title. If ownership is shared between more than one people, any of these owners can be the main applicant while other co-owners will be co-applicants
Co-Applicants
Immediate family members of the main-applicant can join as co-applicants. Immediate family members include parents, spouse and children. Siblings of the main-applicant are not considered as immediate family members.
Anyone can apply for this product as a single applicant. HDFC introduced single borrower scheme for apartment purchase in 2023.
Main Applicant
Anyone can be the main applicant in apartment purchase product.
Co-Applicants
Your spouse, children or parent can join as a co-applicant. These are immediate family members.
Step five..
The last step is the easiest part. Applying for home finance. Currently, HDFC accepts application three ways.
- You can submit the application form, along with all documents, physically to our office.
- You can also email all required documents to info@hdfc.com.mv
- HDFC customer portal accepts online application. Just sign-up and immediately start the application process.
The most important part during the application process is to ensure you have all required documents when you submit the application
Based on the type of facility you choose, the application form will be different. So make sure to fill the right form.
KYC or know-your-customer documents are an important part required in every financial institution. Please make sure that the following documents are submitted and meets the requirements.
Customer Information Form
The customer information form should be filled for all applicants, main & co-applicants.
National identity card copy
Make sure that your NID card is not expired.
Tax Clearance
Application for tax clearance can be obtained from MIRA online.
Documents to verify co-applicant's connection
If a co-applicant is participating, a document that verifies the co-applicant’s connection with you need to be submitted. For example:
- If your spouse is participating, copy of your marriage certificate will suffice for this.
- If your parents or children are participating, copy of your birth record forms or other such documents can verify it.
For each type of application, the following documents are required to be submitted
Home Construction
- Approved drawing set and BoQ
Apartment Purchase
- Sale & Purchase agreement with the developer
- Booking letter or allotment letter
Equity verification documents can be considered from the following options
Home Construction
- Savings (from bank account or bank statements)
- Amount spent on the property by paying to a contractor or purchase of materials for the construction (also verifiable from bank statements or agreement with contract0r)
Apartment Purchase
- For apartment purchase, we consider the payments made by the customer to the developer in order to secure the property. This includes booking fees and other progressive payments.
- In apartment purchase, your pension fund can be collateralized for equity. You can check the collateralizable amount from the MPAO app.
HDFC considers various income sources. This includes salaried income, business income and rental income.
Salaried income
- Salaried income that is deposited to your bank account under the salary code can be verified by your bank account’s statement.
- If the salaried income is not being deposited under the salary code, salary slips will be required for verification.
Business income
- Business income can be verified either by the GST statements & return vouchers (1 year) or Audited Financials (3 years).
- Small or Micro businesses can submit other supporting documents including receipts, invoices and statement of the bank account to which the business income is routed to.
- Business registry copy is needed with the application.
Rental income
- Rental income can be verified using the copy of rental agreement and statement of the bank account to which rent income is being deposited to.
If all required documents are submitted with the application, you can expect to hear an answer from us within 2 weeks. Yes! Just two weeks!
You can also book an appointment with us if you wish to sit down with one of our officers for further discussions.
