Hiyaa Faseyha is the most convenient way to purchase construction materials for home improvement purpose. Eligible individuals can obtain construction materials by submitting quotation(s) (from any registered suppliers for the schemes) along with other required documents. The payments are structured on an agreed monthly installments which will be deducted from the monthly salary by the employer and sent to MFLC on an agreed date.
- Funding amount from MVR 10,000 to 100,000
- Repayment period from 6 months to 15 months
- Total deduction from salary should not exceed 50% of the take home pay
- No Down Payment
- No guarantor requirement (for facilities below MVR 60,000)
- Facility granted within 3 working days
- Wide range of suppliers to choose from
- Maldivian aged between 18 to 60 Years
- Have been in continuous employment for last 2 years with a registered employer with MFLC.
- Total deduction from salary (including other banks & financial institutions) should not exceed 50% of the total take home pay (basic salary plus other allowances)
- Completely filled application form.
- Copy of National Identity Card
- Employment letter stating the date of commencement, designation and salary details.
- Quotation(s) from registered supplier for the scheme.
- Copy of National Identity Card of an immediate family member (required for facilities below MVR60,000)
- Verification Document (Copy of a Utility Bill or Deed)
- Confirmation Letter stating the place where funds will be utilized.
If the facility is above MVR 60,000 a guarantor is required and the following documents of the guarantor need to be submitted along with the application form.
- Guarantor information on the application form to be filled
- Copy of National Identity Card of the guarantor
- Employment letter stating the date of commencement, designation and salary details of the guarantor
Salary Deduction Only