Housing Development Mortgage Finance Products

HDFC offers both Conventional and Islamic housing finance facilities with affordability, flexibility, Longest Repayment Period and highest quality of service in the Maldives. We offer unique Flexible Options such as SURF and FLIP to structure repayment with tenures of up to 25 years.

 ProductsInterest p.aTenureEquityLimit
Home Renovation
11.25%5 years-Up to MVR 200,000
Home loan for essential repairs, refurbishments, and improvement to the home at 11.25% per annum and upto a limit of MVR 200,000
Standard Home Loan
11.25%20 years20%Up to MVR 1 Million
Standard Home Loan is below MVR 1 million with less than one third of the developed area given on rent and two thirds or more occupied by owner/s and co- applicant/s, at 11.25% per annum.
Million Plus
11.50%20 years20%More than MVR 1 Million
Home loans exceeding MVR 1 million with less than 1/3 of the developed area given on rent and 2/3 or more occupied by owner/s and or co-applicant/s, at 11.50% per annum.
Rent Option
12.50%20 years20%More than MVR 50,000
Home loans where more than one third of the built area of the property is intended for, or already rented out at 12.50% per annum

 

Basic Criteria for Applicant

i) Must have a minimum of one co-applicant who has a legal connection to the property, by inheritance/marriage (45% of the pooled 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.

ii) 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.

iii) All co-owners of the property offered as security must be co-applicants to the loan or a legal waiver is required.

iv) Co-applicants must be part of the immediate family.

v) Owner/co-owner must be a major or apply through a legal guardian.

vi) In case the owner is a Limited Company, Registrar of companies (ROC) search is mandatory, along with all the relevant board resolutions.

Income

Monthly Income Range (MVR)EMI / Monthly Income percentage.
(Inclusive of all fixed loan installments)
Less than 6,000.0020%
6,000.00 to 10,000.0025%
10,000.00 to 30,000.0040%
more than 30,000.0045%
Repayment Option

HDFC’s preferred method of repayment is through Salary Deduction or Standing Order.

Loan enhancement or top-up loan

HDFC’s offers its existing clients, opportunity to develop the project by managing the funds within their financial capacity. As the capacity grows, more funds can be avail for the project. The maximum tenure could be the same as the balance repayment period. Usually, the total of outstanding loan enhancement top-up loan amount does not exceed 80% of the total project cost.

Refinance

At HDFC, we have the option for those having housing credit facility other than HDFC who wish to further develop the project while restricting the credit facility for most affordable housing terms in the industry.

Flexible repayment option

We offer this unique FLEXIBLE OPTION to structure repayment with a tenure of up to 25 years when you apply for any of our housing finance products.

We the Nation’s only Specialized Housing Finance Institution that always offers the best and complete Housing Finance Solution through an experienced and dedicated team of experts.

Salary Benefit Scheme

Home Loan with repayment deducted at the source of income (salary) offered to the staff of organizations approved by HDFC based on their potential to sustain and grow in the Maldives. Only members of staff who have consented to salary deduction as EMI payment through their employer will qualify. The selected organizations must agree with HDFC to comply with such requests from their staff. Interest rate for the loans under this scheme is 11.00%.

Pension Benefit Scheme

Home Purchase Loan with owner’s contribution (OE) from their retirement savings account (RSA) with the pension administration office.

Only applicants who have more than 75% of the required equity for their OE contribution (20% of the sale value) in their RSA will be eligible for loans under this product. They must apply with a minimum of one co-applicant who has a legal connection to the property, by inheritance/marriage (40 – 45% of the pooled income considered for EMI), or with an independent guarantor acceptable to HDFC.

Loan repayments period is up to 20 Years (240 months). The tenure of the loan at commencement shall not exceed the number of years remaining until retirement (65years) and also will depend on the age of the oldest applicant to the loan whose pension contribution is collateralized as equity.

Maximum loan amount under this scheme is 100% of the sales value of the property (by collateralizing 20% of the applicant’s pension savings). Interest rate for the loans under this scheme is 10.42%.