Who can borrow money?
Any Maldivian over 18 who can meet our lending criteria can apply for our home loan – and you don't have to be an existing customer. We look for someone who has property to mortgage, and is receiving a regular income and we need to know what your current debts and expenses are.
How much deposit do I need?
The deposit you will need depend on the type of transaction and loan facility you choose. If you are looking at investing or purchasing your own property, you can borrow up to 70% of the purchase price or valuation (whichever is the lesser).
You can generally borrow up to 70% of the purchase price for most of our home loans except for our standard loan below 1 Million, where you can generally borrow up to 80% of the purchase price or valuation (whichever is the lesser).
Mortgage Insurance is mandatory for the tenure.
For what purposes can I borrow money?
We will lend you money:
to construct or buy a residential property
to buy land and construct a residential property
to buy a residential investment property
Will the HDFC require a property valuation?
In most instances, a valuation will be required. We will advise you at the time of your application if this applies to you.
How much can I borrow?
The minimum amount we lend for a home loan is MVR 50,000, and the maximum loan amount depends on your borrowing capacity, MVR 4 Million is the norm for a single application. Our loan calculators can give you an idea of how much your monthly repayment would be and how long you could take to repay the debt.
Once you submit your full application, we will assess your financial position and confirm the loan amount and term you have requested.
What if I'm self-employed?
You must provide sufficient and appropriate evidence to prove your income
What sort of fees or charges will apply to my home loan?
Various fees and charges may apply for each of our home loans. The product information pages for each of our loan products includes fees information.
Download the Lending Fees and Charges Brochure.
What is the difference between fixed and variable rates?
A fixed interest rate does not vary for the fixed rate period, which means your rate will remain constant (as will your repayment amounts) for this period regardless of market changes.
A variable interest rate may rise and fall in line with interest rate changes in the marketplace, and your loan payments will change accordingly to reflect these interest rate changes.
What is pre-approval and how do I get it?
Pre-approval is a conditional approval based on your ability to repay a loan. This means that you can search for a home, knowing how much the HDFC is likely to be willing to lend you. To apply for pre-approval, meet customer care staff or call us on 3334666. You should note carefully the conditions that apply to any pre-approval.