ii)

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Maximum age of an applicant for the income to be considered for repayment capacity is 65 or age of retirement, whichever is lower on or before the maturity of the loan.
All co-oweners to the property offered as security must be co-applicant or a legal waiver is required. Other than court-directed cases, only one who has reached the age of majority would be a party to the lan agreement.
Co-owners could be individuals or non-individuals.
if the co-owner is an individual, he/she must be part of the immediate family viz. father, mother, sibling, childer, spouse.
Owner/co-owner must be a major or apply through a legal gurdian.
In case the owner is a Ltd Company, Registrar of companies (ROC) search is mandatory, along with all the relevant board resolutions.

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ii)

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v)

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vii)

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.

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Minimum - Rf. 50,000.00 and Maximum - Rf. 1,000,000.00 for the HDFC Standard Loan.
Minimum - Rf. 50,000.00 and maximum Rf. 4,000.000.00 per single loan application for HDFC Million Plus Loan.
Maximum bowrrowing up to 100% of the cost of construction as per contractor / architect's estimate & verified by the internal technical sectio. 80% of market value in the event of completed property ready for occupation with relevant completion and compliance certifcation. Bills of Quantities (BOQ) are verified by internal OS/Valuers.
The loan tenure of five year 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.

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ii)

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.
Modes of Repayment.

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Monthly deduction from salary (if a single or combined deduction of total EMI from an approved employer, loan could be upgraded to "Salary Benefit Loan"
Bank standing order
Post-dated cheques
Cheque/Cash Payment
Direct deposites throught bank transfer etc.

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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.
Payments in the capital grace period given during the construction period up to a maximum of 12 months, is called 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.

Minimum of 2% (actual will be decided by the management from time to time) of any voluntary capital pre-payment.