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%.

No: HDFC/LEGAL/2024/558

Property Details

BID Details

For more information, kindly refer to the attachment and contact Recovery Department of HDFC at 3000112, 3334666 or email to recovery@hdfc.com.mv for more queries.

Announcement no: HDFC/IU/2024/28

Please see the announcement for more details

HDFC will not accept proposals from parties who fail to attend the session.

Background

HDFC is seeking a competent party with the necessary technical capacity for the provision of “Providing BoQ, Architectural Drawings & Consultancy Services” as per the scope below.

Scope of Work

The scope of work may include, but is not limited to, the following:

• Develop the floor plan, BoQ and Architectural Drawings according to the requirement(s) proposed by HDFC.
• Develop 5 pictures of 3D renders of designated area with finished paintings and floorings (A4 size)
• Coordinate colours schemes according to our brand image, recommend materials, and lighting to achieve design goals and other decorative details including lighting, texture of flooring, etc.
• Provide consultancy services to HDFC during the renovation period and coordinate with the Renovators (1 month).

Eligibility Criteria

• Expression of Interest will only be entertained from parties meeting the following criteria:
  • Registered at the Ministry of Economic Development dedicated to deliver services defined in the “Scope of Work”.

Evaluation Criteria

Submissions & Instructions

The following documents should be submitted along with the proposals:

1. CV
2. Profile
3. Price
4. Delivery timeline
5. References of Project (Contact Name & telephone No.)
6. Deliverables will be shared during the information session.

Invitation and Deadline for Submission of Expressions of Interest (EOI) & Quotation

HDFC now invites eligible Parties to express interest in providing these Services.

An information session will be held on 04 June 2024 at 11am at Head Office, H. Mialani, 3^rd Floor. All interested parties are invited to attend the session and clear queries. HDFC will not accept bids from parties who fail to attend the session.

All submissions must be delivered to the address given below in a sealed envelope clearly marked as “EXPRESSION OF INTEREST – ARCHITECTURAL DRAWINGS & CONSULTANCY SERVICES”, no later than 11 June 2024, 1400hrs to the following address. HDFC will only respond to the selected Parties.

Housing Development Finance Corporation Plc.,

4^th Floor, H. Mialani, Sosun Magu,

Male, Republic of Maldives.

Tel: +960 300110

Email: athif@hdfc.com.mv

Housing Development Finance Corporation PLC has held its 20th AGM on the 26th May 2024. During the AGM, the Financial Statements of the year ended in 2023 was approved by the shareholders. The shareholders also appointed KPMG as the external Auditor and EY as the Internal Auditor for the year 2024.

The shareholders approved a final dividend of MVR 2.20 per share, which is 39.75% of the net profit of FY 2023. Arrangement of distribution of shares will commence from 27 May 2024, from HDFC’s office.

Year 2023’s Annual Report can be viewed from the company’s website (or use the link below).

NOTICE OF 20^th ANNUAL GENERAL MEETING (AGM)

Notice is hereby given pursuant to clause 66 of the Articles of Association that the 20^thAnnual  General Meeting of the Shareholders of the Housing Development Finance Corporation PLC.  will be held on Sunday the 26^th May, 2024 at 03.30pm (MVT) at MEERUMAA EVENTS  H. Meerumaa, First Floor, Violet Magu, Male’, Maldives to conclude and approve the  following businesses:  

1. Confirmation of Minutes of the 19^th Annual General Meeting.  

2. To receive and adopt the Directors’ Report and the Auditors Report FY2023  

3. Consideration and adoption of audited Balance Sheet as at 31^ST December 2023 and  the Income Statement of HDFC Plc for the year ended 31^st December 2023.  

4. Announcement of Dividend for the year 2023.  

5. Appointment of Directors in place of those retiring, if any;  

6. To approve the Auditors for the 2024 Financial Year and fix their remuneration.  7. Any other business  

Note: If unable to attend the AGM you may appoint a proxy by filling the Proxy Form

05 May 2024

Publication of Annual Report FY 2023

Under the Continuing Disclosure and Obligation of Issuers (Regulation No: 2019/R- 1050), Section 18 (a) (Annual Report), HDFC is required to publish annual reports within 04 months from the end of a financial year.

Anticipating a delay in finalizing the financial statements and annual report, we have sought a 15-day extension from the Capital Market Development Authority (CMDA). With the extension we have received, we will be publishing our annual report by15th May 2024.

Despite the delay in publishing the annual report, audited financial statements of fiscal year 2023 have already been published on 30th April 2024.

We apologize for any inconvenience this may cause and appreciate your understanding and patience as we diligently work to abide by the rules and regulations.

30 April 2024

Housing Development Finance Corporation (HDFC) PLC, established in January 2004, is the only specialized housing finance institution in the Maldives. HDFC is a privatized company with International Shareholders represented by International Finance Corporation (IFC of World Bank Group), Asian Development Bank and HDFC Investments Ltd. of India, jointly holding 51% of shares.

Over the years HDFC has developed and launched several products since its privatization and has built the housing portfolio of over MVR 1.6 billion, both covering Conventional Home Loans and Islamic facilities for home construction, home purchases and home renovation.

HDFC seeks competent individuals/firms with necessary technical capacity to register interest by submitting Expression of Interest for the provision of “Branding Services” as per the scope below.

Scope

The scope of work may include, but is not limited to, the following:

• Brand Strategy Development:
  • Brand positioning and guideline
• Brand Identity Development (based on current logo):
  • Typography selection
  • Visual language recommendations
  • Design of print materials including corporate T-shirts, Business cards, Email Signatures, and Letterhead
  • Logo reveal video with audio (for intro or outro)

Submission and Instructions

The following documents should be submitted along with the proposals:

1. Proposal with quotation
2. Design portfolio or profile / Curriculum Vitae of individual
3. Registration Certificate / ID card of individual
4. Reference letters or other supporting documents

Applicants may obtain further information from the following contact:

Duration of Contract

The duration will be for a period of 1 month (30 days)

Evaluation Criteria

*Best proposal will not be determined based on the price submitted.

Terms and Conditions

HDFC reserves the right to reject any or all proposals or to accept any proposal that it may consider to be in the best interest of the company.

HDFC shall not be held liable for any errors or omissions in any part of this EOI. The information contained in the EOI is supplied solely as a guideline. The information is not guaranteed or warranted to be accurate by the HDFC, nor is it necessarily comprehensive or exhaustive. HDFC assumes no responsibility or liability for the adequacy, accuracy or completeness of any information provided in this EOI.

Conflict of Interest

The selected party shall hold matters including its contents or materials obtained in the course of services to HDFC as strictly confidential and shall not disclose the same to anyone without prior written consent, unless obliged by law, in which case, the party must inform of such disclosure in a timely manner.

The party shall avoid all matters that could raise a potential conflict of interest, and advice the Institute beforehand on any potential or apparent conflict of interest.

Invitation and Deadline for Submission of Expressions of Interest (EOI) & Quotation

Interested individuals/firms are requested to express interest by submitting proposals no later than 17 April, 2024 1430hrs to the following address. HDFC will only respond to the selected firm/individual.

Housing Development Finance Corporation Plc.,

3rd Floor, H. Mialani, Sosun Magu, Male, Republic of Maldives.

Tel +960 3334666, Email: info@hdfc.com.mv