Conventional Products

HDFC offers both Conventional and Islamic housing finance facilities with affordability, fexibility, Longest Repayment Period and highest quality of service in the Maldives.

Products

For Construction

Home Construction

Equity requirement: 15% - 30%
Rate: 11% - 12.25%
Tenure: 25 Years

For Purchase

Home Purchase

Equity requirement: 20%
Rate: 10.42% - 11%
Tenure: 25 Years
Pension savings can be collateralized for equity

Youth Product

Equity requirement: 20%
Rate: 10.50%
Tenure: 30 Years
Exclusive for youth (for residential purpose) Limit of MVR 1,000,000

SOE Hiyaa

Equity requirement: 20%
Rate: 10%
Tenure: 25 Years
Exclusive for staff of SOEs (for residential purpose) Limit of MVR 3,000,000

For Renovation

Home Renovation

For essential repairs and improvement to the property
Rate: 11%
Tenure: 10 Years
Limit between MVR 50,000 - MVR 1,000,000

To buy out lease

Lease Buyout

To buy out lease under a long-term agreement
Rate: 12.25%
Tenure: 10 Years
Limit of MVR 5,000,000

Schemes

Pension Benefit Scheme

  • For purchase of apartments / flats
  • Collateralize available balance at Retirement Savings Account as owner’s contribution at 10.42% PA

Salary Benefit Scheme

  • Monthly installment of income for the staff of organizations selected by HDFC.
  • Maximum deduction would be less than 60% of the salary.

Criteria

  • Applications can be submitted with a single applicant (single borrower scheme). However, applications will be accepted in the income eligibility requirement is met. This is for home purchase only.
  • Applications can also be submitted with co-applicant(s) who has a legal connection to the property by inheritance or marriage. In this case, income of main applicant and co-applicant(s) can be pooled together for the income eligibility requirement.
  • All co-owners to the property offered as security must be co-applicant or a legal consent is required.
  • Maximum age of an applicant for the income to be considered for repayment capacity is 65.
  • Owner/co-owner must be a major if not apply through a court assigned legal guardian.
  • Property offered for Mortgage:
  1.     Primary mortgage, on the property developed / purchased / renovated.
  2.     100% of the value of building must be insured by a reputed agency acceptable to HDFC.
  3.     Mortgage property value should have minimum 125% of the approved loan amount.

Useful Links

Application Form – (Main Applicant)

Application Form – (Co Applicant)

Customer Information Form

Schedule of Charges

Power of Attorney

EMI Calculator