Conventional

HDFC offers both Conventional and Islamic housing finance facilities with affordable and flexible terms and with high efficiency of service.

Products

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: 20% - 30%

Rate: 11.25%
Rate: 12.25% if considering rental income
Tenure: 25 Years
Mortgage Requirement: Primary mortgage, on the property being constructed

Equity Value: Above 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

Documents to be submitted

1. Filled Main Application Form
2. Filled Co Application Forms
3. Customer Information Forms of all Applicants
4. National Identity Cards of all Applicants
5. Marriage Certificate if Spouse is participating
6. Birth Certificate if Children are participating
7. Tax Clearance of all Applicants (obtained from MIRA)
8. Approved Drawing, BoQ and Construction Permit
9. 12 months bank statement
10. Documents to verify equity contribution amount
11. Documents to verify income:
- Salaried income: Employment letter
(Payslips if salary is not deposited on the salary code)
- Rental income: Copies of rental agreement
- Business income:
a. Business Registration Certificate Copy
b. GST Statements & Return Vouchers / Audited Financials Statements
c. If business is not registered, supporting documents to prove the income (bills / invoices)

Purchase of Apartments

Features

Home Purchase Product

Equity requirement: 20%
Rate: 10.42% if collateralizing pension
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
Exclusive for youth (for residential purpose)
Limit of MVR 1,000,000

SOE Hiyaa Product

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

Requirements

All applicants must be Maldivians
Single borrowing option is available
Mortgage Requirement: Primary mortgage, on the property being purchased
Pension savings can be collateralized for equity

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

Documents to be submitted

1. Filled Main Application Form
2. Filled Co Application Form (If spouse or an immediate family member is participating in the facility)
3. Customer Information Forms of applicant(s)
4. National Identity Cards of all Applicants
5. Marriage Certificate if Spouse is participating
6. Birth Certificate if Children are participating
7. Tax Clearance of all Applicants (obtained from MIRA)
8. Allotment letter or agreement
9. 12 months bank statement
10. Documents to verify equity contribution amount
11. Documents to verify income:
- Salaried income: Employment letter
(Payslips if salary is not deposited on the salary code)
- Rental income: Copies of rental agreement
- Business income:
a. Business Registration Certificate Copy
b. GST Statements & Return Vouchers / Audited Financials Statements
c. If business is not registered, supporting documents to prove the income (bills / invoices)

Home Renovation

Features

For essential repairs and improvement to the property
Rate: 11%
Tenure: 10 Years
Limit between MVR 50,000 - MVR 1,000,000
Mortgage Requirement: Property being renovated or an alternative mortgage

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

Documents to be submitted

1. Filled Main Application Form
2. Filled Co Application Forms
3. Customer Information Forms of all Applicants
4. National Identity Cards of all Applicants
5. Marriage Certificate if Spouse is participating
6. Birth Certificate if Children are participating
7. Tax Clearance of all Applicants (obtained from MIRA)
8. Approved Drawing, BoQ and Construction Permit
9. 12 months bank statement
10. Documents to verify equity contribution amount
11. Documents to verify income:
- Salaried income: Employment letter
(Payslips if salary is not deposited on the salary code)
- Rental income: Copies of rental agreement
- Business income:
a. Business Registration Certificate Copy
b. GST Statements & Return Vouchers / Audited Financials Statements
c. If business is not registered, supporting documents to prove the income (bills / invoices)

Lease Buyout

Features

To buy out lease under a long-term agreement
Rate: 12.25%
Tenure: 10 Years
Limit of MVR 5,000,000
Equity can be considered from the unit or floor of the property given to the owner

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

Documents to be submitted

1. Filled Main Application Form
2. Filled Co Application Forms
3. Customer Information Forms of all Applicants
4. National Identity Cards of all Applicants
5. Marriage Certificate if Spouse is participating
6. Birth Certificate if Children are participating
7. Tax Clearance of all Applicants (obtained from MIRA)
8. Approved Drawing, BoQ and Construction Permit
9. 12 months bank statement
10. Documents to verify equity contribution amount
11. Head Lease & Sub Lease Agreements
12. Documents to verify income:
- Salaried income: Employment letter (Payslips if salary is not deposited on the salary code)
- Rental income: Copies of rental agreement
- Business income:
a. Business Registration Certificate Copy
b. GST Statements & Return Vouchers / Audited Financials Statements
c. If business is not registered, supporting documents to prove the income (bills / invoices)
13. Agreement or document stating that the contractor wishes to sell the long leased floors for a fixed price to the owner.
14. Valuation Report from an External Valuator

Useful Links

Application Form – (Main Applicant)

Download

Application Form – (Co Applicant)

Download

Customer Information Form

Download

Schedule of Charges

Download

Power of Attorney

Download

EMI Calculator

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