Home Construction
Features
Minimum Equity: 15%
Rate: 11.75%
Rate: 12.25% if considering rental income
Tenure: 25 Years
Mortgage Requirement: Primary mortgage, on the property being constructed
Equity Value: 15% - 20%
Rate: 11.50%
Rate: 12.25% if considering rental income
Tenure: 25 Years
Mortgage Requirement: Primary mortgage, on the property being constructed
Equity Value: 20% - 30%
Rate: 11%
Rate: 12.25% if considering rental income
Tenure: 25 Years
Mortgage Requirement: Primary mortgage, on the property being constructed
Requirements
All applicants must be Maldivians
Participation of at least two applicants:
- Land owner as the main applicant
- One co-applicant has a legal connection to the property by inheritance or marriage
- If property has co-owners, all of them shall apply as co-applicant
- If any co-owner is a minor, application can be submitted by a court assigned legal guardian
Income Consideration
Pooled Income of all applicants can be Considered
Types of Income considered:
a. Salaried Income
b. Business Income
c. Rental Income
d. Self Employed Income
All incomes shall be verifiable by bank statement or Audited Financial Statements
Purchase of Apartments
Features
Home Purchase Product
Rate: 10.42% if collateralizing pension savings as equity
Rate: 11% if considering salaried income and business income only
Rate: 12.25% if considering rental income
Tenure: 25 Years
Youth Product
Equity requirement: 20%
Rate: 10.50%
Tenure: 30 Years
Limit of MVR 1,000,000. Exclusive for youth (residential purpose)
SOE Hiyaa product
Equity requirement: 20%
Rate: 10%
Tenure: 25 Years
Limit of MVR 1,000,000. Exclusive for staff of SOEs for SOE Flats (residential purpose)
Requirements
All applicants must be Maldivians
Single borrower option available
Mortgage Requirement: Primary mortgage, on the property being constructed
Income Consideration
Pooled Income of all applicants can be Considered
Types of Income considered:
a. Salaried Income
b. Business Income
c. Rental Income
d. Self Employed Income
All incomes shall be verifiable by bank statement or Audited Financial Statements
Home Improvement
Features
For essential repairs and improvement to the property
Rate: 11%
Tenure: 10 years
Limit between MVR 50,000 - MVR 1,000,000
Requirements
All applicants must be Maldivians
Participation of at least two applicants:
- Land owner as the main applicant
- One co-applicant has a legal connection to the property by inheritance or marriage
- If property has co-owners, all of them shall apply as co-applicant
- If any co-owner is a minor, application can be submitted by a court assigned legal guardian
Income Consideration
Pooled Income of all applicants can be Considered
Types of Income considered:
a. Salaried Income
b. Business Income
c. Rental Income
d. Self Employed Income
All incomes shall be verifiable by bank statement or Audited Financial Statements
Lease buyout
Features
To buy out lease under a long-term agreement
Rate: 12.25%
Tenure: 10 years
Up to MVR 5,000,000
Requirements
All applicants must be Maldivians
Participation of at least two applicants:
- Land owner as the main applicant
- One co-applicant has a legal connection to the property by inheritance or marriage
- If property has co-owners, all of them shall apply as co-applicant
- If any co-owner is a minor, application can be submitted by a court assigned legal guardian
Income Consideration
Pooled Income of all applicants can be Considered
Types of Income considered:
a. Salaried Income
b. Business Income
c. Rental Income
d. Self Employed Income
All incomes shall be verifiable by bank statement or Audited Financial Statements
