Ujaalaa Hiyaa

Providing affordable home financing to hundreds of families across the nation, we are here to help every aspiring Maldivian to become a proud home owner. With competitive financing rates and flexibility this facility is structured under the Islamic Financing principle of Diminishing Musharaka.

Talk to us about your requirements and see how we can help you achieve your dream of home ownership

Partner Projects
  • The customer’s equity participation is minimum 20% of the total property price, which can be contributed in cash and/or collateralized through a pension fund. Payments made to the developer also will be considered as customer’s equity participation.

  • Immediate family of the main applicant can be added as co-applicants (spouse, parents, and children)

  • Maximum financing duration is 20 years / 240 months

  • The annual profit rate is 9% to 11%

  • A processing fee of 0.5% of the facility amount will be charged upon approval as per the List of Bank Charges.

  • Takaful contribution (insurance) must be paid in full for the entire financing tenure before disbursement of the facility.

  • Letter confirming that all the income of the customer will be routed to the account at the bank after the approval of the facility.

  • Customer must be 18 years – 60 years old (at the time of application submission)

  • Customer must have been in full-time employment for at least the previous 24 months.

  • Customer’s total monthly commitments with all financial institution including the requested financing should not exceed 50% of his/her confirmed gross income (basic salary and variable allowance).

  • Customer has the capacity to contribute minimum of 20% of the total project value (savings/ pension fund/ payments to developer), which should be verifiable via documents (Bank account statements, payment receipt, pension fund details)



Rasheed Carpentry & Construction Private Limited

Blue Haven Mixed Residential

Apollo Holdings Pvt Limited

Centreal – Homes by Apollo

NPH Development Private Limited

Aqua Vita

SAS E – Glut Joint Venture Pvt Ltd

The Creek View

SJ Construction Pvt Ltd

SJ Creek Residences

Renaatus Projects Pvt Ltd

SKYSIDE (STO Hiyaa Flat)

Housing Development Corporation Limited (HDC)


  • For completed properties a maximum of 3 months grace period is applicable. The monthly payments for the grace period will be spread across the approved tenure

  • If the property is under construction, you will be only required to pay a percentage of the monthly payment based on the completion stage (accumulated disbursements). Please inquire within for more details.

The current rate of financing is 9% to 11% with a maximum tenure of 20 years / 240 months

  1. Copy of valid ID card.

  2. Bank statement of the applicant(s) (for last continuous 12 months)

  3. Letter from employer to MIB confirming customer's employment and salary.

  4. Salary slips for last 06 continuous months

  5. Award letter (booking confirmation) from the developer.

  6. Sale & Purchase Agreement (if signed)

  7. Copy of payment receipt.

  8. Equity Contribution Verification Document

  9. Marriage Certificate (if spouse is included as co-applicant)

  10. Birth certificate (if children are included as co-applicants OR if parents are added as co-applicants)

  11. Pension document (if collateralizing pension fund)

  12. If you receive rental income,

  • Copy of property titles

  • Copy of rental agreements

  • Copy of bank statement of the account into which rental income is deposited

*Additional documents may be required during the application process

Apply Online


Frequently Asked Questions

  • Make a booking with the Seller

  • Submission of the application form

  • Sign of the agreement once facility is approved

  • Pay the equity component to the seller

  • Receive the keys/access to the premises.

  • Mortgage after completion of registration process

The customer must pay a minimum of 20% of the value of the property as equity payment.

In addition to personal funds you can also collateralise your pension fund balance. Please note that for personal funds the bank may require information on the source of your funding for compliance purposes.

You can purchase the following types of houses / apartments

  • Completed Apartments and Row House

  • Apartments or Row House that are currently under construction. Please note that these should be under our Approved Projects list.

  • Age of all the applicants must be between 18 and 60

  • Must employed in a permanent job or receive rental income regularly

  • The monthly payments (inclusive of all other outstanding loans and facilities to all other financial institutions) should not exceed 50% of the gross monthly income

We do not require a guarantor for this facility.

Estimate your income requirement

Use our CustomerCare Bot to estimate your income requirement for any given property