Vision-
Our vision is to provide decent and affordable homes in a safe and healthy environment, and work towards uplifting the standards of living for all Maldivians by becoming a National Development Bank.
Mission
Our mission is to offer financial and social strength to all Maldivians by providing home loans and other savings and investment products managed professionally and profitably to the highest International Standards and to the complete satisfaction of all stakeholders.
Pledge
HDFC would strive hard and explore all avenues to:
• Provide a solution to every single loan applicant.
• Manage the loans well with good communication with borrowers
so that 100% performance is achieved.
• Approve loans within one month.
Corporate information
HDFC Limited was incorporated on 28 January 2004 by a Presidential Decree under the Companies Act, Law No: 10/96. The commercial operations commence on March 29, 2004. HDFC was incorporated with technical assistance from the World Bank and initially all shares were held by the Government of Maldives (GOM).
HDFC Plc was registered as a public company on the 9th of February 2006. The shareholders’ agreement for privatization between the GOM, ADB, IFC, and HDFC-India was signed on July 23, 2008. The initiative to restructure the capital and restart the business of HDFC Plc became effective on February 10, 2009 with the first equity disbursement by the International Shareholders whose commitment also comprises of a multi-lateral loan component by IFC and ADB. HDFC-India with thirty years of experience in mortgage finance is the technical partner of HDFC Plc and IFC is playing the advisory role while assisting with a matching grant for the Technical Assistance Program. The structure of new shareholding is 49% by the GOM with the balance 51% being shared as 18%, 18%, and 15% by IFC, ADB, and HDFC-I respectively.
Having re-structured its capital and with new lines of long-term credit Housing Development Finance Corporation Plc, Maldives (HDFC) has re-entered the market for mortgage loans for housing needs of individuals and families. HDFC will be unique as the only specialized housing finance institution offering long repayment terms in a market where the demand has grown at a pace outstripping the supply of matching funds.
The privatization of Housing Development Finance Corporation Plc, Maldives (HDFC) has transformed the institution to face the future as a commercially viable, private sector led company that can grow and develop more effective solutions to the urgent housing problems of Maldives. Special emphasis is placed on development of Hulhumale as a modern and sustainable community by providing housing development finance to match the pace of development.
The government’s concept of improving the infrastructure in focus islands is also a positive trend. It will assist sustainable growth in home ownership based on mortgage security over properties that will appreciate in value to maintain a positive equity scenario. This is very important as a market characteristic, especially in the light of the financial crisis faced by developed economies of the world.
Chronology of Development Milestones
| 28 Jan 2004 |
Incorporation of the Company by a Presidential Decree and appointment of the Board of Directors, Chairman and CEO
|
| 29 Feb 2004 |
HDFC’s first press conference to publicize the operations
|
| 01 Mar 2004 |
Recruitment of the first seven members of staffs
|
| 08 Mar 2004 |
Established the company’s office premises. Conducted staff training in Colombo, Sri Lanka
|
| 29 Mar 2004 |
Commencement of business
|
| 19 Apr 2004 |
Raised the First Issue of Bonds for 25 million Rufiyaa
|
| 26 Apr 2004 |
Approved the first loan
|
| 30 Sep 2004 |
Achieved Break even
|
| 04 Dec 2005 |
Received Presidential Decree to privatize of the company
|
| 13 Dec 2005 |
First Annual General Meeting
|
| 07 Feb 2006 |
Registered the enhancement of the Authorized Share Capital from Rufiyaa 10,000,000/- to Rufiyaa 321,250,000/- with ROC along with the increase to total share amount from 100,000 shares to 3,212,500
|
| 09 Feb 2008 |
Company was registered as a Public Limited Company
|
| 19 Feb 2008 |
4th Annual General Meeting
|
| 21 Apr 2008 |
Signed a Management Contract and Business Services agreement With Ministry of Housing and Urban Development (MHUD) for the Social Housing Loan program |
| 23 Apr 2008 |
Started selling application forms for MHUD Housing Loan Scheme 2008 (Categories 1 and 2)
|
| 12 May 2008 |
Signed a Memorandum of Understanding between Housing Development Finance Corporation Plc (M) and International Finance Corporation on Capacity Building
|
| 30 Jun 2008 |
Closed accepting of application forms for MHUD Housing Scheme (Categories 1, and 2)
|
| 23 Jul 2008 |
Foreign Investment Agreement was signed between the international investors and the Government of Maldives
|
| 23 Jul 2008 |
Signed the Shareholders, Put Option, and Subscription Agreement among GoM, ADB, IFC and HDFC Investments Ltd.
|
| 23 Jul 2008 |
Term Facility Agreement and Mortgage Agreement were signed between Housing Development Finance Corporation and Asian Development Bank
|
| 03 Aug 2008 |
Change of Office Premises to H. Mialani 4th Floor
|
| 23 Aug 2008 |
Signed an Agreement with HDC (hulhumale) for accepting secondary mortgages for applications under the MHUD Social Housing Loan Scheme 2008
|
| 05 Sep 2008 |
Appointment of new expatriate Managing Director
|
| 21 Nov 2008 |
Signed the Technical Services Agreement between HDFC (M) and HDFC Investment Ltd
|
| 04 Dec 2008 |
Signed Performance Based Grant Agreement between HDFC (M) and IFC
|
| 22 Mar 2009 |
Fifth Annual General Meeting
|
| 25 Mar 2009 |
First board meeting of the privatized HDFC was held |
Our Contacts:
Telephone: 3338810 / 3315896 / 3315897.
Fax: 3315138
Email: info@hdfc.com.mv
Mailing Address: 4th Floor, H.Mialani, Sosun Magu, Male',
Rep. Of Maldives.
