HDFC commences a promotional activities on the occasion of its 20^th Anniversary, from Islamic Fund!

Housing Development Finance Corporation PLC, HDFC commences its promotional activities to mark its 20^th Anniversary, through its Islamic Wing from the Islamic Fund. This promotion is aimed at giving an all-time low rate offered by HDFC and reduces prominently on some of  its fees and other charges.

Changes during Promotion

Home Construction: Normal Rates: 11.25%  – 12.50%
                                Promotion Rates: 10.75%  – 11.25%

Home Purchase: Normal Rates: 11.25%  – 12.50%
                         Promotion Rates: 10.42%  – 10.50%

Home Renovation: Normal Rates: 11.25%
                             Promotion Rates: 10.75%

In addition, application fees for the above facilities have been waived. The processing fee, which is normally at 1% of the facility amount has been reduced to 0.75% during the promotion, which will continue from Jan 1^st to Feb 29^th, 2024.

Over the last 20 years, HDFC has managed to reach out to over 3000 Maldivians in their aspirations to create a home . The company has managed to reach MVR 1.6 billion of Portfolio value by the end of Quarter 3 of 2023. At present, HDFC offers 25 years tenure for housing finance products or construction and purchase, while for renovation, the tenure is 10 years.

Application form with documents can be submitted in-person to HDFC Office, 3rd Floor, H. Mialani, Sosun Magu, Male’.

Forms

HDFC updates product features of financing facilities for both home construction and home purchase.

Under construction, the equity requirement has been reduced to 15% and tenure has been increased up to 25 years. This is currently the longest tenure period offered in the market.

For home purchase, tenure has also increased to 25 years and the long awaited, single borrower scheme has been introduced. Under the single borrower scheme, no co-applicant or guarantor is required to apply for the facility, as long as the income requirement is met.

HDFC launches a new product to the product portfolio – Lease Buyout

With the addition of the new product, “Lease Buyout” it would enable customers to facilitate finance more effortlessly to buyout the remainder of the long-term lease from the contractor while full or a part of the property is being developed by the contractor or a third party.

With a minimum facility amount of 1 million and maximum facility amount of 5 million Lease Buyout facility is exclusively available to customers who has their property in greater Male’ region. In addition to this, the lease contract being developed must be court registered.

As lack of adequate housing has been a perennial crisis in Maldives, HDFC is committed to uplift the living standards of customers by providing decent and affordable housing. With this objective HDFC strives to provide solutions to customers by assisting them to have their dream home.

Commenting on the new product addition, HDFC’s Head of Credit, Ms. Aishath Rasheedha stated “with the addition of lease Buyout product to the product line, Owners\landlords will get the opportunity to own more space of their property that will help to enhance their living standards by facilitating more income to their families and strengthen their social wellbeing”
A maximum 20 years of tenure with an interest rate of 12.50% (Per Annum) will be available for the customers who wish to access finance as HDFC’s utmost purpose is to facilitate finance and repayment conveniently and smoothly to the customers who wish to have their dream home.