HDFC – General requirements
- Should be a Maldivian above 18 years of age who has a land to mortgage and could full fill specific term and condition set by HDFC as below.
Terms and conditions
i) Must have a minimum of one co-applicant who has a legal connection to the property, by inheritance/marriage (40% 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.
(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%
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 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 loan agreement.
iv) co-owners could be individuals or non-individuals.
v) If the co-owner is an individual, he/she must be part of the immediate family viz. father, mother, children, and spouse.
vi) owner/co-owner must be a major or apply through a legal guardian.
vii) In case the owner is a limited Company, Registrar of companies (ROC) search is mandatory, along with all the relevant board resolutions.
Property offered for Mortgage
i) First charge primary mortgage, on the property developed / purchased / renovated or any other alternative security sanctioned for credit.
ii) 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 geographical location.
iii) 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 areas with no acceptable fair value and customers must apprise themselves before making applications.
iv) 100% of the value of building must be insured by a reputed agency acceptable to HDFC.