HDFC Maldives is excited to announce the launch of two major updates to its home financing products, designed to provide more financial flexibility and support for homeowners across the Maldives. The new offerings include the Home Facility Top-up and an improved Home Improvement product, both of which aim to make homeownership and home renovations more accessible and affordable.

Home Facility Top-up

The Home Facility Top-up is a refinancing product designed specifically for existing customers with an active home construction facility. This new offering allows customers to enhance their existing facility with a top-up and enjoy a reduction in their interest rates, providing additional financial support.

Key Features:

• Eligibility: Available to existing customers with a satisfactory repayment history and a minimum of five years of repayments.
• Financing Amount: Minimum top-up of MVR 500,000.
• Tenor: Up to 25 years.
• Interest Rate: Reduced rate compared to the current rate, subject to eligibility.

Home Improvement Product

The Home Improvement product has been restructured to provide even greater flexibility for homeowners seeking to finance renovations, appliance purchases, and more. The financing limit has been extended from MVR 1.5 million to MVR 2.5 million, with a maximum repayment tenor of 15 years.

Key Features:

• Eligibility: Available to all homeowners.
• Financing Amount: Minimum MVR 500,000 and maximum MVR 2.5 million.
• Tenor: Up to 15 years, depending on the scope of the work.
• Interest Rate: Fixed at 11%.