Our Story

Housing Development Finance Corporation (HDFC) was incorporated in 2004, by a Presidential Decree under the Companies Act. (Act No. 10/96). HDFC’s commercial operations commenced on 29th March 2004 with hundred percent shareholding by the Government of Maldives which later in 2008 was privatized with the shareholding from ADB, IFC and HDFC Bank Ltd (previously known as HDFC Investments Ltd - India) holding 51% of the share and the 49% of the shares by the Government of Maldives. Having restructured its capital, and with new lines of long-term funding, HDFC re-entered the market for mortgage loans for housing needs of individuals and families. HDFC is unique as the only institution dedicated for housing finance in Maldives.

We take pride in the fact that even today with the staff strength of close to 40 employees, our faith has not altered a bit as our commitment towards our customers has only increased everyday which pass by. As the demand for housing loans continue to grow which exceeds the supply, the demand for Islamic facilities is growing at a faster speed than anticipated and to find the matching funds, we have structured and issued long-term Sukuk in MVR as the way forward to cater Islamic facilities.

HDFC remains well positioned to deliver superior performance in the coming years due to its deep expertise in mortgage financing, and ability to adapt its portfolio mix to changing market conditions, the ongoing benefits of continued cost initiatives, a strong balance sheet and a proven risk management framework and culture