HDFC Home Salary Benefit

Home Loan with repayment deducted at the source of income (salary) offered to the staff of organizations selected by HDFC based on their potential to sustain and grow in the Maldives. Only members of staff who have onsented to EMI salary deduction payment through their employer will qualify. The selected organizations must agree with HDFC to comply with such requests from their staff

 Special Conditions

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Monthly Deduction at Source - MDAS (selected employer and employee, who is our customer, must agree to this process prior to the loan approval.
Must have a minimum of one co-applicant who has a legal connection to the property, by inheritance / marriage (40% of the poopled income considered for EMI), or with an independent guarantor acceptable to HDFC. The total income of borrowers considered for eligibility is given in the chart below, where the salaried person/s (if more than one, must be from the same approved organization) should meet the total obligation.

  MI Range
(In Rufiyaa) 		    EMI/Monthly Income (%)
(Inclusive of all fixed loan installments)
Less than 6,000.00   20%
6,000.00 to 10,000.00   25%
More than 10,000.00   40%

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Age of retirement should be on or before the maturity of the loan of the applicant, whose income qualifying income makes it a "Salary Benefit" Loan.
All co-owners of the property offered as security must be co-applicant or a legal waiver is required.

 Property offered for Mortgage

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First charge primary mortgage, on the property developed / purchased / renovated or any other alternative security sanctioned for credit.
At locations that are pre-approved on the grounds of fair value (125% loan cover) of the property offered as security Property to be financed must be located within the defined geopgraphical location.
Co-owners could be individuals or non-individuals(corporate bodies)
If the co-owner is an individual, he/she must be part of the immediate family viz. father, mother, sibling, children, spouse.
Owner/co-owner must be a major, or apply through a legal guardian. In case the owner is a Ltd company, Registrar of companies (ROC) search is mandatory, along with all the relevant Board resolutions.
The outer islands (outside greater Male') are vetted )see ii above and approved for home loans to buy/develop properties offered for mortgage having fair value (value of property must be 125% of the loan), and published by HDFC from time to time. All other areas are classified as negative areas and customers must apprise themselves before making applications.
100% of the value of building must be insured by a reputed agency acceptable to HDFC.

Loan Amount

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Minimum - Rf. 50,000.00 and Maximum - Rf. 4,000,000.00 per single loan application subject to full EMI deduction from salary. Enhancements will be considered based on the minimum performance period of the pre-EMI upto one year
Maximum bowrrowing up to 100% of the cost of renovation as per contractor / architect's estimate & verified by the internal technical section. 80% of the market value in the event of completed property ready for occupation with relevant completion and compliance certificates. Bills of Quantites (BOQ) are vetted by internal OS/Valuers..
The Loan tenure must not exceed the residual age of the property at the time of disbursement of the loan (The age of the property and the residual age as defined by valuers in their valuation reports.

Loan Repayment

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Should maintain a deposit of Equal Monthly Installments (DEMI) equivalent to 3 monts of EMI until the total redemption of the loan (this is condition in the loan agreement).
Ensure payment within the stipulated date to avoid any late payment fee despite the DEMI (Deposite EMI) being adusted (must maintain DEMIs equivalent to 3 months of EMI at all times.
Payment in the Capital Grace Period given during the construction period upto a mximum of 12 months, is called the PRE-EMI consisting fo only the simple interest payable on the drawdown.
EMI - Equated monthly installments, which remain the same until maturity of the loan subject to changes in interest rates.
SURF - Step Up Repayment Facility, FLIP - Flexible Loan Installment Plan / Step-Down.
FLIP - Flexible Loan Installment Plan / Step-Down.

No Commitment fee on any voluntary capital pre-payment.