+960 331 5605

[email protected]

H. Filigasdhoshuge, 4th Fl, Ameer Ahmed Magu

Home Loans

Home improvement loans

Home improvement loans are targeted to existing property owners who need finance for renovation, extension, additions and completion of existing housing units. Apartment/building should be in Male’ ’Hulhumale’ or in Vilimale’.

  • Number of applicants should be minimum two persons (for individual applicants)
  • Funding from MVR 200,000 and above
  • The term of the loan is maximum 5 years, including a grace period of 3 months
  • Interest rate is at 12% per annum
  • The apartment/ building should be used for housing purposes only and where the building is a multistory building, a minimum of 70% of the building should be used for housing purposes.

*Mortgaged over property will be obtained as security

Eligibility:

  • Maldivian aged between 18 to 55 Years
  • Companies are required to be in the business at least for 2 years and should have a successful financial performance
  • Individual whose income is based on employment, should have been in continuous employment for 2 years.
  • Rent income or other income should be supported by documents and bank statements

Home/apartment purchase loans

The home purchase loan is targeted for mostly individuals who wishes to purchase an apartment or a house for their own housing needs. The general terms applicable to a home/apartment purchase loan is as follows:

  • Apartment/building should be in Male ’Hulhumale or in Vilimale.
  • Number of applicants should be minimum two persons (for individual applicants)
  • Funding from MVR 300,000 and above
  • Funding up to maximum 80% of the cost of construction
  • Equity should be injected from the applicant (s) own funds
  • The term of the loan is maximum 10 years including a grace period of 3 months
  • Interest rate is at 12% per annum
  • The apartment/ building should be used for housing purposes only and where the building is a multistory building, a minimum of 70% of the building should be used for housing purposes.
  • The developer of the property should a reputable party
  • Mortgaged over property will be obtained as security

Eligibility:

  • Maldivian aged between 18 to 55 Years
  • Companies are required to be in the business at least for 2 years and should have successful financial performance
  • Individual whose income is based on employment, should have been in continuous employment for 2 years.

Home construction loans

Home construction loans are provided for the construction of apartment buildings in Male’ Villimale’ and Hulhumale.’ The general terms applicable to a home construction loan is as follows:

  • Number of applicants should be minimum two (for individual applicants)
  • Funding from MVR 500,000 and above
  • Funding up to maximum 80% of cost of construction
  • Equity should be injected from the applicant (s) own funds
  • The term of the loan is maximum 10 years, including a grace period of 2 years
  • Interest rate is at 12% per annum
  • Contractor for the project should be a registered contractor with MFLC
  • Mortgaged over property will be obtained as security

Eligibility:

  • Maldivian aged between 18 to 55 years (for individual applicants)
  • Companies are required to be in the business at least for 2 years and should have successful financial performance
  • Individual whose income is based on employment, should have been in continuous employment for 2 years.
  • Rent income or other income should be supported by documents and bank statements

Project Loans to part finance the project cost or to refinance the costs already incurred

Project loans are targeted for the developers of residential housing units (Individuals or companies). A minimum of 70% of such project should be used for residential purposes. Refinancing costs already incurred on completed projects undertaken by individuals/real estate developers may also be considered. Apartment/building should be in Male’ ’Hulhumale or in Vilimale. Other locations will be considered on a case by case basis. The general terms applicable to a home/apartment purchase loan is as follows:

  • Number of applicants should be minimum two persons (for individual applicants)
  • Funding from MVR 300,000 and above
  • Funding up to a maximum of 70% of the cost of construction
  • Equity should be injected from the applicant (s) own funds
  • The term of the loan is maximum 10 years including a grace period of maximum 2 years
  • Interest rate is at 12% per annum
  • The apartment/ building should be used for housing purposes only and where the building is a multistory building, a minimum of 70% of the building should be used for housing purposes.
  • Mortgaged over property will be obtained as security

Eligibility:

  • Maldivian aged between 18 to 55 Years
  • Companies are required to be in the business at least for 2 years and should have successful financial performance
  • Individual whose income is based on employment, should have been in continuous employment for 2 years.
  • Rent income or other income should be supported by documents and bank statements.