HDFC – Housing Dev’t Mortgage Finance
Housing Development Mortgage Finance Products
Islamic Profit Share -Conventional Rates 11-12.50% p.a.–SURF/FLIP Tenure-25 Years.
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.
| Products | Interest p.a | Tenure | Equity | Limit |
|---|---|---|---|---|
| Home Renovation | 11.25% | 5 years | – | Up to MVR 200,000 |
| Standard Home Loan | 20 years | 20% | Up to MVR 1 Million | |
| Million Plus | 11.50% | More than MVR 1 Million | ||
| Rent Option | 12.50% | More than MVR 50,000 |
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 a EMI payment through their employer will qualify. The selected organizations must agree with HDFC to comply with such requests from their staff
| SURF or Step Up Repayment Facility | Low EMI for the initial period. |
| FLIP or Step down | EMI becomes progressively reduced. |
Product Description Summary
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 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 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
Renovation Home loan for essential repairs, refurbishments, and improvement to the home at 11.25% per annum.
Basic Criteria
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.
v) Co-applicants must be part of the immediate family.
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.
Income
| Monthly Income Range (MVR) | EMI / Monthly Income percentage. (Inclusive of all fixed loan installments) |
| Less than 6,000.00 | 20% |
| 6,000.00 to 10,000.00 | 25% |
| 10,000.00 to 30,000.00 | 40% |
| More than 30,000.00 | 45% |
Repayment Option
HDFC’s preferred method of repayment is through Salary Deduction or Standing Order.
Source: hdfc.com.mv
